Withdrawing my Pension ? Can I ?

derv

I have heard that it may be possible to withdraw my pension funds.
Has anyone got any experience in this ? Or know anything about what's involved?

I am only working about 1.5 years.
I'm only 25 and the cash would be handy now, god knows I will be working long enough to build the pension back up again (hopfully).

Thanks in advance for the help!

larchielads

i posted the same question a couple of days ago. no you cant is the answer i got but you can transfer it to a new one if and when you get a new job.

i could do with the money thats in mine at the moment so i feel your pain. unless someone knows of a loop whole or flaw in the system then it stays there til you reach retirement age.

but someone did tell me before that you could with draw it if you were seriously ill but how ill is seriously ill?? needing an operation or god forbid cancer or somethin like that.

if you went and told the pension company you were sick they'd probably want doctors letters, hospital dates for operations and all sorts of legal documentation for it. prob not worth all the hassle and doctors and hospitals more than likely would not help you out as i think that it'd be fraud or somethin evem though its your own money.

so best of luck with it. if you have any luck with it please let the rest of us know:)

larchielads

sorry derv just read your post again your only workin 1.5 yrs so yeah i think it is possible. its late in the night or early in the morning whatever way you wanna look at it i missed that part. my guess would be enquire right away cos a fr as i know anythin over 2 yrs you cant touch

sorry again:pac:

Buckz

If you have less than two years service when you leave- you can withdraw your contributions to the company pension. If you do so then the company gets back everything they contributed on your behalf- usually a lot more than you put in. You cannot touch anything in a personal pension, or anything in a company pension while you still work for the company. (this used to be taxed but I don't know anymore). The ill health withdrawal mentioned above is where life expectancy isconfirmed as months rather than years. Look at www.itsyourmoney.ie or www.pensionsboard.ie for accurate advice.

derv

thanks for the feedback all,

going from what you say i presume i cannot take out the money if I am going to continue working for the company can I ?

it would be great to take out what's in there before I hit the 2 years....
and then start from scratch again.

Buckz

no No No No No
So to speak- other than by leaving a company that has a company pension ( as opposed to a personal one or PRSA) during the first two years (or shorter if the pension rules say so), there is no way of getting your money out that does not involve being old, or very unwell. roll on retirement !