Accessing my job pension 4 years early due to hardship

LizzyCC

Can anyone please advise me if it is possible access my pension, I paid into for 21 years, due to hardship and financial difficulties.

The pension is due for payment in 4 years in when I am 60.

But I am now 56 years old, currently on state disability payment.

Thanks


Lizzy

coylemj

I think you need to make a case based on bodily rather than financial health. Simply invoking 'hardship' probably won't cut it because as far as Revenue would be concerned, it would open the floodgates.

It would effectively mean that anyone who became redundant in their 50s would be allowed to claim financial hardship and access their pension fund early.

Henry Ford III

Self employed ppp or similar - Not possible.

Employers pension - early retirement is possible from age 50.

LizzyCC

Henry Ford III wrote: »

Self employed ppp or similar - Not possible.

Employers pension - early retirement is possible from age 50.

Hello Henry

It is Employers Pension I worked there for 21 years.

Thanks

LizzyCC

coylemj wrote: »

I think you need to make a case based on bodily rather than financial health. Simply invoking 'hardship' probably won't cut it because as far as Revenue would be concerned, it would open the floodgates.

It would effectively mean that anyone who became redundant in their 50s would be allowed to claim financial hardship and access their pension fund early.

Hello C.

It's not Revenue thats the problem. Wondered if I can access my Private pension early besides health grounds?
Thanks

ANXIOUS

LizzyCC wrote: »

Hello C.

It's not Revenue thats the problem. Wondered if I can access my Private pension early besides health grounds?
Thanks

Have you left the employment related to the pension?

LizzyCC

Yes. Left 15 years ago.

Am now on disability allowance state payment.


Would like to now access my job pension 4 years early.

ANXIOUS

LizzyCC wrote: »

Yes. Left 15 years ago.

Am now on disability allowance state payment.


Would like to now access my job pension 4 years early.

Is it a defined benefit or defined contribution scheme? Do you know who the providers are?

LizzyCC

Zurich Ireland Group Pension scheme

I don't know defined benefit or defined contribution?

Thanks

JackieChan

Hi Lizzycc,
You should be receiving yearly or bi-yearly statements from the pension fund and this should state who the trustees are.
You should contact one or more of those trustees(some will be within your old company) and ask them about whether you could draw down earlier.
Ultimately they can tell you what is possible given the legal and scheme restrictions
JC

LizzyCC

Ok. Thanks JC

crossvilla

From what you've said it sounds like you should be able to claim that pension early. You'll be entitled to a tax free lump sum and the balance would provide an income.

If it is with Zurich it is most likely Defined Contribution (an invested pension). If you contact them and ask them for your 'retirement options' it will detail how much your pension is worth.

Worth meeting an adviser to discuss if you can. Any bank or broker will be able to help you.

LizzyCC

Thanks. I will do

coylemj

If you worked for Zurich then contact their pension trustees and ask if you can take the pension now. As Henry Ford III said above, an employer (occupational) pension can be taken after age 50 but that requires the approval of the pension trustees.

If you worked for someone else and the money was invested with Zurich, you need to contact the trustees of your former employer's scheme, not Zurich.

LizzyCC

Thanks C