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Early pension release?

  • 29-07-2014 7:24pm
    #1
    SaraM50
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi, I have worked for a decade in a multi-national that closed down / moved on. During my time there I built up a reasonable pension with AVCs etc. I’m wondering if it is at all possible to realize (/cash in) some or all of this money before I am 50 (barring the obvious exceptions of serious health issues etc.) Thank you!


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    Generally after the first two years this is not possible.


  • #3
    SaraM50
    Registered Users, Registered Users 2 Posts: 7 ✭SaraM50


    this is actually an old job, about 7 years ago... does that make a difference?


  • #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    No.

    If you leave a pension within two years of joining it in a lot of companies, you can get YOUR contributions back.

    That stops after two years of contributing.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    You can cash in up to 30% of your AVC but you will pay your current marginal (top) rate of tax on any withdrawal.


  • #6
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    coylemj wrote: »
    You can cash in up to 30% of your AVC but you will pay your current marginal (top) rate of tax on any withdrawal.

    When did that come in?


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Stheno wrote: »
    When did that come in?

    The budget before last.


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