Pension payout taxation?

Johnny0232

Just been told the DB pension I had in my last job is winding up as the company i worked for is leaving the country and will no longer be paying into it. They will be paying out to all their members.I've already waived my right to a tax free sum when I was made redundant, so was wondering does anyone know what kinda tax I would be paying on the money I receive from the pension payout??

J.

Calahonda52

Depending what you want to do you could do worse than ask http://www.pensionsauthority.ie/en/
about your case if the amount involved is material
They may want to you consider buying an annuity so as you can avoid paying a big slug of tax now: will be 50% or more once you hit the Tax credit and PRSI thresholds.
However the downside with annuities now is that with asset yields on the floor they represent the worst value in living memory.
You might ask about setting up a small self administered pension scheme, iff they and revenue allow you you can transfer the cash gross into the scheme.