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Can prsa be cashed in if no longer working?

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  • 09-08-2010 9:33pm
    #1
    sabrina99
    Registered Users Posts: 110 ✭✭


    Hi there. I know someone who has a prsa account which they were making contriibutions towards as well as their previous employer. They are no longer working and will not be taking up employment due to family reasons. Can they close the account and cash the fund in? I know that there may be penalties. Any advice appreciated.


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    #2
    amdublin
    Registered Users Posts: 20,653 ✭✭✭✭amdublin


    No.

    A PRSA is a type of pension. It is a savings plan for your retirement. It can only be encashed at retirement.


    http://en.wikipedia.org/wiki/PRSAs


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    #3
    trishasaffron
    Registered Users Posts: 922 ✭✭✭trishasaffron


    I think there are certain limited circs where you can cash in a PRSA - you have to be over 50 though and have an alternative guaranteed income - so perhaps not likely to apply..........


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    #4
    amdublin
    Registered Users Posts: 20,653 ✭✭✭✭amdublin


    Yeah think if you retire on the grounds of ill health or something (think over 50/55 etc)


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    #5
    gogo
    Registered Users Posts: 1,452 ✭✭✭gogo


    There are a few exception to encashing a prsa,

    i)You have not made any contributions in two years

    ii) the value is under 650 or it has been three months since the prsa provider has asked you to transfer your prsa to another provider or make a contribution.

    In which case the prsa provider may refund the contributions


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