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Cashing in my pension

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  • 08-01-2014 4:48pm
    #1
    5.11 Tactical
    Registered Users Posts: 291 ✭✭


    Hi All,

    I most likely know the answer to this but want to get some advice.

    I am currently on notice off redundancy and have a pension for the last 6 years with the company I work for.

    They contribute X and I contribute Y each month.

    Since there is a chance I will not find a job anytime soon in this economy, can I cash in part or all of my pension minus penalities and tax etc.

    I know under 2 years you can get your contributions back but I am pretty sure I cant at my stage.

    I know there are options to transfer it etc but as most people I need is cash to pay bills, feed mouths etc.

    Any ideas or can I kiss goodbye to the money until I am at a retiring age which is about 20 years away.

    Any help ideas would be much appreciated :-)


Comments

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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    If any of the money you contributed was into an AVC, you are now allowed to cash in 30% of that money (it's taxable) but in respect of the main fund, you can forget it.


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    #3
    5.11 Tactical
    Registered Users Posts: 291 ✭✭5.11 Tactical


    Pretty much what I thought thanks for the info


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