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Withdraw Money from a not used pension

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  • 23-12-2012 3:09pm
    #1
    Brick Session
    Closed Accounts Posts: 455 ✭✭


    I have heard recently that it is possible to withdraw 30% of my dormaint pension subject to tax. I wont be 65 for 20 odd years and could do with a cash injection now not in 20 odd years time. As I can't afford a pension now these are useless to me.

    I have 2 pensions, one from when I was self employed only valued at approx €2500, I would have made all the contributions obviously on this one.

    The other from an employer valued at approx €10000, I paid in half and the employer the other half.


    Anyone know if this is correct?


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    #2
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    Unless you have made additional voluntary contributions, which it sounds like you haven't. You won't be able to touch anything. Self employed are excluded.


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    #3
    Brick Session
    Closed Accounts Posts: 455 ✭✭Brick Session


    No it was just a percentage dedeucted from my salary monthly.

    When you say self employed are excluded that means thats a non runner too?


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    #4
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    Brick Session wrote: »
    No it was just a percentage dedeucted from my salary monthly.

    When you say self employed are excluded that means thats a non runner too?

    Okay Then based on the information you have given, it sounds like you haven't made avc's. So This scheme won't be open to you. Correct my understanding is its not open to the self employed.


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    #5
    Brick Session
    Closed Accounts Posts: 455 ✭✭Brick Session


    Thanks for that info


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    #6
    GARDENMAN
    Registered Users Posts: 3 ✭GARDENMAN


    I have a pension fund that my employer has payed into regularly. I also started one myself years ago but only paid into it for a couple of years. In a recent statement it says it's worth €10,000. Is there anyway of accessing this as its not my main pension? Thanks for any replies


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    #7
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    GARDENMAN wrote: »
    I have a pension fund that my employer has payed into regularly. I also started one myself years ago but only paid into it for a couple of years. In a recent statement it says it's worth €10,000. Is there anyway of accessing this as its not my main pension? Thanks for any replies

    Unless it was an AVC, no. An AVC is a fund which you voluntarily pay into, it runs in parallel to an occupational scheme, provided it (the AVC) is approved by the Revenue. A fund that you created yourself can't be an AVC.

    The revenue will permit a withdrawal in extreme circumstances but you don't want to go down that road unless you got very bad news from a doctor or medical consultant recently.

    The Finance Act 2013 was passed recently, it allows a once-off withdrawal of up to 30% of the money in an AVC scheme but only AVC, not money from a PRSA or occupational pension fund, regardless of who paid in the money.


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