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Can I take a lump sum from my pension

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  • 13-07-2014 9:41pm
    #1
    Kimbokai
    Registered Users Posts: 8 ✭


    I've been working 13 years and recently let go does anybody know cud I take a lump sum from my pension and how do I go about it

    Thanks


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    How old are you? Did you pay into any avc's?


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    #3
    Kimbokai
    Registered Users Posts: 8 ✭Kimbokai


    Henry Ford III wrote: »
    How old are you? Did you pay into any avc's?

    I'm 29 and what is an avc ?
    Thank you


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    #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    You need to be 50 to take early retirement. AVC is additional voluntary contribution.

    Sounds like you can't take a lump sum now therefore.


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    #5
    Kimbokai
    Registered Users Posts: 8 ✭Kimbokai


    So there's no way I can take money from my pension even though I'm not retiring


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    #6
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    If you paid additional voluntary contributions (AVC), you are now allowed cash in up to 30% of the value of the AVC but you have to pay your top rate of tax on the withdrawal.

    If you have no AVC, you cannot withdraw a cent until you draw a pension when you are 50 if the trustees of the scheme agree, otherwise at your 'normal retirement age' which is defined in your pension scheme.


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