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PRSA lump sum on retirement

  • 16-04-2024 9:42am
    #1
    louis346789
    Registered Users, Registered Users 2 Posts: 330 ✭✭


    I initially posted this under taxation.

    Need clarification please. Information in Revenue guidance document which conflicts with my understanding.

    The tax free lump sum at retirement. Is it possible to draw it down in multiple parts. Eg in 5 annual portions of say 40k each and still avail of the tax free benefits.

    Prior to now I understood it was only available as one lump sum. The Revenue guidance documents seem to indicate at least 2 drawdowns are possible.

    Thank you



Comments

  • #2
    readoutloud
    Registered Users, Registered Users 2 Posts: 96 ✭✭readoutloud


    I don't know the answer to your question but I am curious: is there any particular advantage to multiple drawdowns?

    It seems taking the total amount and keeping the rest in a savings account earning interest would be just as handy.



  • #3
    louis346789
    Registered Users, Registered Users 2 Posts: 330 ✭✭louis346789


    I would plan on keeping the majority of the prsa in one self managed account for ease of management.

    I have not fully investigated the tax position on gains etc in the fund after retirement.

    I do know that dirt tax will apply to any interest received on lump sum invested innormal savings account.



  • #4
    DomMCT
    Registered Users, Registered Users 2 Posts: 5 ✭DomMCT


    I'd be really interested in this too if anyone has an answer. Thanks.



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