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pension advice

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  • 21-05-2011 10:36pm
    #1
    auspoz
    Closed Accounts Posts: 12 ✭


    Hi I'm looking for a bit of advice on behalf of my Mom. Her pension matured 2 years ago and she left it there. It is valued at 26,700 or there abouts. She is allowed withdraw a quarter tax free, if the remainder left was less than 20,000 she could withdraw it all tax free. Unfortunately she will be approx 200 Euro over the 20,000 which results in her only getting 800 Euro a year after withdrawing the original quarter. Any advice to enable her to withdraw it all as 200 over the limit seems a bit harsh? She is getting no help from her pension company.


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    #2
    hwfs.ie
    Registered Users Posts: 25 ✭hwfs.ie


    auspoz,

    This is known as a trivial pension and i haven't heard of it being done for amounts over 20,000. You could write to the revenue and ask for an exemption due to the small amount over the limit.

    If the funds are invested in equities you could keep an eye on the value and if it drops below 26,660 she could retire then.


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    #3
    auspoz
    Closed Accounts Posts: 12 ✭auspoz


    Thanks, have been keeping an eye on it alright - I think she must be the only person in Ireland hoping her pension will drop! Will try writing to the revenue as you suggested.


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