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Can I use my Pension as Capital for a new business?

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  • 14-03-2013 12:52pm
    #1
    CucaFace
    Registered Users Posts: 965 ✭✭✭



    I recently set up a new business with another person.

    I’m still currently working in my old job but plan to leave in the next 3 months to go into this new business venture.

    I have a company pension with my current employer and I’m just wondering is it possible for me to take this out and invest it my new business venture as capital without incurring Tax deductions or any deductions really?

    My current company has contributed the vast majority of the pension funds that I currently have in this fund.

    Any advice would be really appreciated.


Comments

  • Options
    #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Unless you are over 55, short answer, no!


    Cheers

    Peter


  • Options
    #3
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    There is a once off provision in the new Finance Act 2013 to allow draw down 30% of the value of Additional Variable Contributions made prior to retirement over the next three years. However this drawdown will be subject to income tax a the marginal rate.

    Hope this helps

    dbran


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