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pension

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  • 01-02-2011 4:49pm
    #1
    gymman39
    Registered Users Posts: 186 ✭✭


    i was made redundant a few months ago and had started a pension plan in 2007..it was set up through work and I was sent out a letter giving me my options with the pension a week ago as i rang my previous employers about it...what im wondering is can i cancel it and draw down my money now..thanks in advance


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    No


  • Options
    #3
    RachaelVO
    Registered Users Posts: 3,108 ✭✭✭RachaelVO


    You don't have to continue to pay it.

    You'd need to look at the small print to see if you can draw it down, some funds, depending on where they are, will allow you to draw them down, BUT if you do, because you paid it out of your salary before tax was paid on your salary you will be liable for a pretty hefty tax bill on it.

    My advice is to take all the paper work to someone who can advise you on it, and if necessary make all the arrangements should drawing it down be an option.


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    #4
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    As you are a member of your employers pension scheme, you can only get a refund of contributions within the first two years of employment, so no.


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    #5
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    If you're over 50 you could take early retirement.

    See this article on your options when you leave a job.


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