Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Withdrawing from a pension

  • 01-01-2014 8:17pm
    #1
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭


    I am 35 years old.I am currently employed for the past 9.5 years in a company. For approx 7 of those years I have been paying into a pension equally with the company into new ireland. Now I need to help a family member out who is struggling and could really do with withdrawing some money from this pension. Is it possible? How much can I withdraw? How do I go about it? Any advice much appreciated


Comments

  • #2
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Have you been paying avc's?


  • #3
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭7276887e


    I pay 2.5% if my salary and the company does the same


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Then chances are you won't be able to withdraw anything until the early retirement age of 50.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,703 ✭✭✭✭coylemj


    7276887e wrote: »
    I pay 2.5% if my salary and the company does the same

    5% isn't going to buy much of a pension, consider increasing the contribution, especially if the company will match it up to a limit.

    Seriously, in retirement you will have bugger all income beyond the state old age pension which for someone your age will not be payable until you are 68.


  • #6
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    7276887e wrote: »
    I am 35 years old.I am currently employed for the past 9.5 years in a company. For approx 7 of those years I have been paying into a pension equally with the company into new ireland. Now I need to help a family member out who is struggling and could really do with withdrawing some money from this pension. Is it possible? How much can I withdraw? How do I go about it? Any advice much appreciated

    100% sure you will not be allowed. Pensions are practically untouchable to us mere mortals till 65


  • Advertisement
  • #7
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭7276887e


    Is there anyway I cancel the policy and then restart a new one?


  • #8
    Ideo
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭Ideo


    7276887e wrote: »
    Is there anyway I cancel the policy and then restart a new one?

    No. You won't be able to get access to the pension pot.

    You should search for other threads like this, this topic has been done to death


  • #9
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Op if this request is anything got to do with your first post on the site, please re-think and get the approiate help.


Advertisement