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Tax on Pension

  • 25-10-2019 10:00pm
    #1
    JDunne671
    Registered Users, Registered Users 2 Posts: 1 ✭


    What are the tax implications of early withdrawal of pension? I am currently 52 and have the option to take a lump sum amount now. Is this taxable or should I wait until retirement?

    Thanks in advance,
    Joseph


Comments

  • #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    JDunne671 wrote: »
    What are the tax implications of early withdrawal of pension? I am currently 52 and have the option to take a lump sum amount now. Is this taxable or should I wait until retirement?

    Thanks in advance,
    Joseph

    Way too complex to answer from that info.... You should have a tax free lump sum within limits. It could be 25% of your fund or it could be 1.5 times your final salary.
    Your tax when withdrawing pension as an income after this lump sum will be at your marginal rate and will depend on age, other incomes etc
    Talk to a number of advisors, get a feel for it then decide what to do


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