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At what age can you access your pension?

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  • 14-10-2019 12:27am
    #1
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭


    I'm just wondering out of curiosity, I have a DC pension through work and am wondering at what age can it be accessed?


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    #2
    capefear
    Registered Users Posts: 772 ✭✭✭capefear


    One More Toy wrote: »
    I'm just wondering out of curiosity, I have a DC pension through work and am wondering at what age can it be accessed?

    I stand to be corrected but I think in one of the last couple of budgets it was brought in that you can take. Percentage of your pension when you turn 50 or over and then you can’t touch it till you retire.


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    #3
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    If you have left service after 50 you can access early retirement (with your employers permission in some cases).

    alternatively you can access it at the scheme retirement age


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    #4
    Nermal
    Registered Users Posts: 2,617 ✭✭✭Nermal


    gwalk wrote: »
    If you have left service after 50 you can access early retirement (with your employers permission in some cases).

    alternatively you can access it at the scheme retirement age

    What exactly does 'left service' mean - left this particular employer? Stopped working for anyone? What about contracting?


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    #5
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    Nermal wrote: »
    What exactly does 'left service' mean - left this particular employer? Stopped working for anyone? What about contracting?

    If you leave service with the employer the DC scheme is associated with,...

    if you want addvise in regards to contratcing speak to a financial advisor, im not too sure in regards to contracting ( i would assume they have personal pensions rather than a group scheme)


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    #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,644 Mod ✭✭✭✭Henry Ford III


    gwalk wrote: »
    ...

    if you want addvise in regards to contratcing speak to a financial advisor, im not too sure in regards to contracting ( i would assume they have personal pensions rather than a group scheme)

    Never assume.

    A contractor can incorporate of they wish.


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    #7
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    Henry Ford III wrote: »
    Never assume.

    A contractor can incorporate of they wish.

    thanks for that, every day is a school day


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    #8
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭One More Toy


    gwalk wrote: »
    If you have left service after 50 you can access early retirement (with your employers permission in some cases).

    alternatively you can access it at the scheme retirement age

    Perfect. I'll max out my pension as I'm doing at the moment and build it up to retire at 50. Only another 20 years to go.... :(


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    #9
    Experience_day
    Registered Users Posts: 359 ✭✭Experience_day


    One More Toy wrote: »
    Perfect. I'll max out my pension as I'm doing at the moment and build it up to retire at 50. Only another 20 years to go.... :(


    Think being 30 is better than 50 with a pension! Don't wish your life away!


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    #10
    One More Toy
    Registered Users Posts: 3,764 ✭✭✭One More Toy


    Experience_day wrote: »
    Think being 30 is better than 50 with a pension! Don't wish your life away!

    I know you are right but work holds me back from enjoying life, with a predicted pension pot of 1m I can retire cheaply to rural Ireland and enjoy life. Unless the world goes to pot between now and then,


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    #11
    Experience_day
    Registered Users Posts: 359 ✭✭Experience_day


    One More Toy wrote: »
    I know you are right but work holds me back from enjoying life, with a predicted pension pot of 1m I can retire cheaply to rural Ireland and enjoy life. Unless the world goes to pot between now and then,


    Last recession they introduced a pension levy. Who knows what the future brings!



    But I do hear ya, hard to focus on enjoyment sometimes when on the treadmill..


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    #12
    The J Stands for Jay
    Registered Users Posts: 5,669 ✭✭✭The J Stands for Jay


    Experience_day wrote: »
    Last recession they introduced a pension levy. Who knows what the future brings!



    But I do hear ya, hard to focus on enjoyment sometimes when on the treadmill..

    Look out, Leo and the lads may get their hands on 0.6% of your fund.


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    #13
    Experience_day
    Registered Users Posts: 359 ✭✭Experience_day


    McGaggs wrote: »
    Look out, Leo and the lads may get their hands on 0.6% of your fund.


    It's not particularly insignificant, but more importantly 0.6% now could be 6%....I was just highlighting that the future is uncertain.


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    #14
    TheBlock
    Registered Users Posts: 596 ✭✭✭TheBlock


    McGaggs wrote: »
    Look out, Leo and the lads may get their hands on 0.6% of your fund.

    .6% of your fund annually...Even if it making a loss.


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    #15
    coylemj
    Registered Users Posts: 25,357 ✭✭✭✭coylemj


    The pension levy has finished. If the risk of a new one is your excuse for not investing in a pension then keep buying those Lotto tickets! And it's been pointed out here umpteen times that the tax relief more than covered the levy.

    In case you're not good at numbers, it goes something like this......

    You pay €100 out of your gross salary as a a deduction to a pension fund. Your marginal rate of tax is 40% so the contribution costs you a net €60 i.e. before your fund makes one cent in a dividend, you're up 66.67%. And every dividend and capital gain the find makes until you retire is accumulated tax-free.


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