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Old UK work pension

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  • 16-11-2023 11:42am
    #1
    hannah6173
    Registered Users Posts: 4 ✭


    Hi all,

    I have a pension in the UK from when I worked for a bank years ago. I believe it is a defined benefit pension. I have turned 50 this year

    I am looking to transfer it to a pension fund in Ireland. Is it possible to access 25% tax free lump sum now before I transfer it or can I do this after the transfer. The retirement age on the policy is 60 but can I access it from aged 50?

    I am going to take financial advice before I transfer but just wanted an idea.

    Thanks!



Comments

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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,646 Mod ✭✭✭✭Henry Ford III


    To transfer it to Ireland it'll have to be encashed thus losing the defined benefits.

    Absolutely get appropriate professional advice here. A mistake could be very expensive



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