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Taking money out of pension

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  • 07-07-2010 12:04pm
    #1
    the drifter
    Closed Accounts Posts: 7,348 ✭✭✭


    is it possible to take money out of your pension before retirement?

    im far from retirement and the money in my pension is really doing nothing at the moment...id like to put some of it to use somewhere else...


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    #2
    Dubh Geannain
    Registered Users Posts: 3,430 ✭✭✭Dubh Geannain


    I did this a few years ago with a pension scheme that I was finished with and had only a years worth of contributions in.

    It was taxed at 20% or thereabouts IIRC

    Edit: If you're talking about only withdrawing a proportion of it then I'm not sure what the story is there.


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    #3
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    If its a personal pension then you can only draw down on it from the age of 60 on (unless you retire due to ill health).

    If you are in an occupational pension then you can take your contributions out if you leave the job within 2 years.


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    #4
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    You can't take money out,unless your only a year or so into it..............


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