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AVC Pension

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  • 03-09-2009 9:16am
    #1
    alibabba
    Registered Users Posts: 1,240 ✭✭✭


    is it possible to cash in an avc pension before retirement date ?


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    #2
    Diarmuid
    Registered Users Posts: 3,981 ✭✭✭Diarmuid


    alibabba wrote: »
    is it possible to cash in an avc pension before retirement date ?

    AVC = Additional Voluntary Contribution.

    It's not a form of pension, it's just a pension contribution.


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    #3
    alibabba
    Registered Users Posts: 1,240 ✭✭✭alibabba


    Diarmuid wrote: »
    AVC = Additional Voluntary Contribution.

    It's not a form of pension, it's just a pension contribution.

    OK, I'll re-phrase the question ...

    you have 30k in a pension fund built up from AVCs , can you cash this in to move it into a long term savings account?


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    #4
    Diarmuid
    Registered Users Posts: 3,981 ✭✭✭Diarmuid


    alibabba wrote: »
    OK, I'll re-phrase the question ...

    you have 30k in a pension fund built up from AVCs , can you cash this in to move it into a long term savings account?

    Probably. You'll have to pay a (potentially hefty) tax bill though..


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    #5
    alibabba
    Registered Users Posts: 1,240 ✭✭✭alibabba


    Diarmuid wrote: »
    Probably. You'll have to pay a (potentially hefty) tax bill though..

    I wonder how much ?


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    #6
    Diarmuid
    Registered Users Posts: 3,981 ✭✭✭Diarmuid


    depends on what your marginal rate was on when you paid in the AVC. If you were on a decent salary, you are looking at 42%. (BTW All this is my opinion, it's not a substitude for professional advice :-) )


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    #7
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    alibabba wrote: »
    can you cash this in to move it into a long term savings account?

    The short answer is no. Whats the main scheme structure and your current age. Can you retire now? Is there a serious health issue?


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