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pension

  • 22-02-2015 3:21pm
    #1
    tommyboy26
    Registered Users, Registered Users 2 Posts: 2,118 ✭✭✭


    i have a pension with a couple of grand in it. i have it from a job i finished with in nearly 8 years ago. i forgot i had it as i don't pay into it. i got a statement from Irish life which reminded me about it.

    my question is can i claim it now at 32? i know people would say don't but like most im struggling financially and could really use the money to pay bills?
    the statement says i can at 50 but is there a loophole?


Comments

  • #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    tommyboy26 wrote: »
    i have a pension with a couple of grand in it. i have it from a job i finished with in nearly 8 years ago. i forgot i had it as i don't pay into it. i got a statement from Irish life which reminded me about it.

    my question is can i claim it now at 32? i know people would say don't but like most im struggling financially and could really use the money to pay bills?
    the statement says i can at 50 but is there a loophole?

    no, unless you had avc's too?


  • #3
    Gerry T
    Registered Users, Registered Users 2 Posts: 1,457 ✭✭✭Gerry T


    My guess is you can get all the money out but it would be liable for income tax. So you could possibly loose 50% of what's there


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Gerry T wrote: »
    My guess is you can get all the money out but it would be liable for income tax. So you could possibly loose 50% of what's there

    Incorrect guess. You would need to show that you had a terminal illness to get access to a pension pot before age 50. The reference to AVC above is that you can withdraw up to 30% of an AVC but you would be liable to tax on the withdrawal.


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