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PRSA Question

  • 11-10-2014 4:14pm
    #1
    fionan
    Registered Users, Registered Users 2 Posts: 7 ✭


    I have a 5+ year old PRSA account in Ireland, but am now a permanent US resident for the past 5years. It is worth about €5k.

    Question: can I draw these funds down? I'm not returning to Ireland. Would be eternally grateful if anyone knows some tips. Google didn't help for my use case.


Comments

  • #2
    Humour Me
    Registered Users, Registered Users 2 Posts: 360 ✭✭Humour Me


    How old are you?


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


    Humour Me wrote: »
    How old are you?

    35


  • #4
    Humour Me
    Registered Users, Registered Users 2 Posts: 360 ✭✭Humour Me


    The earliest you can draw on the fund is at the age of 50. You could then take 25% of the fund as a tax free lump sum.

    Unless Revenue change the rules to allow earlier access, all you can do is leave the policy where it is or transfer to another type of pension policy. You wont be able to transfer it to the states either as the 401Ks don't meet Revenues requirement that the fund transfers to a policy that provides retirement benefits. As far as I know you can draw on a 401K for education or medical expenses, so Revenue will not approve the transfer.


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