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Personal Pension

  • 11-08-2018 2:26pm
    #1
    Navigator.123
    Registered Users, Registered Users 2 Posts: 9 ✭


    Personal Pension
    Hi. I have a personal pension valued at E28900. I would like to take all of this and close the Plan. I am not interested in reinvesting any of it in an ARF or a guaranteed pension. I need the funds to do some work in my house.

    I have now been told that if I am in receipt of another pension of more than E12700 p.a. and if I don't want to reinvest 75% of my personal pension of E28900 (I can take 25% as a cash lump sum) I can draw down the entire fund as taxable cash.

    I have a contributory state pension of E238.50 p.w. (= E12604.72 p.a. including 85% Christmas Bonus). Therefore, I am short E95.28 (E1.83 p.w.).

    (My wife's income and my rental income for a property cannot be factored in for this assessment). I do receive Dept of Agriculture premia payments but I dont think that these could be factored in as they are not guaranteed.

    My finanical advisor has been useless - basically telling me to complete the papers, send them off and see what happens with the Revenue!

    Has anyone any experience of this situation and is there a way that I can withdraw all of the E28900 (all taxable if necessary) . I want to invest the money in my house and we dont have any liabilities).

    Thanks
    Navigator


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    How old are you?


  • #3
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    It looks like you're just a little bit short of the full State pension of €243.30 per week plus €182.75 Christmas bonus. The Christmas bonus wasn't taken into account in the minimum income calculations up to this year, but Revenue said they'd allow it from this year.

    Assuming that your figures are correct and you're just €95.28 per year short, you can buy an annuity with some of your fund that will pay you a guaranteed minimum income of €95.28 per year for life. The cost of buying it will depend on your age. You may need to shop around as it might be below the minimum size for some pension companies.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    You'd still need to be aged 60+ to access a PPP


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    Henry Ford III wrote: »
    You'd still need to be aged 60+ to access a PPP

    OP has the state old age pension which means he is at least 66.


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