Cashing out a pension early

RainInSummer

So I'll be hitting a certain landmark birthday soon and I have a small pension from a company I worked for 15 years ago. I think it's about 6k all in. It was converted from an occupational pension to a private one some time in the dim past.

Is there much involved in getting this cashed out? Not seeing anywhere I can do this on the web portal they provide.

Henry Ford III

Early retirement is possible from age 50.

Consultant the scheme administrators.

If you lose your job and have a monthly or annual payment coming from a pension fund it will be factored in to your unemployment assistance payments and you'll receive less as it is "income".

Mod Warning: Keep it factual.

RainInSummer

https://www.boards.ie/discussion/comment/118264524#Comment_118264524

Cheers, so I don't need to involve a finance bod/accountant etc?

I'll be hitting 50 alright.

ANXIOUS

https://www.boards.ie/discussion/comment/118264847#Comment_118264847

No just write to the administrators (Mercer, Irish life, Invesco etc) and ask for early retirement options.

RainInSummer

Cheers!

UrbanFox

Is there any danger that OP can be rendered liable to an exit tax or would there be any exemption for this product ?

RainInSummer

I'll find out in Feb. I emailed the company in question and they said to get back closer the date.

Henry Ford III

https://www.boards.ie/discussion/comment/118336670#Comment_118336670

There'll be a tax free lump sum plus retirement benefits in one form or another.

RainInSummer

I think you can get 25% of the value of the pension tax free. Not sure on that figure though.