Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

pension

Options
  • 22-02-2015 4:21pm
    #1
    tommyboy26
    Registered Users Posts: 2,117 ✭✭✭


    i have a pension with a couple of grand in it. i have it from a job i finished with in nearly 8 years ago. i forgot i had it as i don't pay into it. i got a statement from Irish life which reminded me about it.

    my question is can i claim it now at 32? i know people would say don't but like most im struggling financially and could really use the money to pay bills?
    the statement says i can at 50 but is there a loophole?


Comments

  • Options
    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    tommyboy26 wrote: »
    i have a pension with a couple of grand in it. i have it from a job i finished with in nearly 8 years ago. i forgot i had it as i don't pay into it. i got a statement from Irish life which reminded me about it.

    my question is can i claim it now at 32? i know people would say don't but like most im struggling financially and could really use the money to pay bills?
    the statement says i can at 50 but is there a loophole?

    no, unless you had avc's too?


  • Options
    #3
    Gerry T
    Registered Users Posts: 1,444 ✭✭✭Gerry T


    My guess is you can get all the money out but it would be liable for income tax. So you could possibly loose 50% of what's there


  • Options
    #4
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Gerry T wrote: »
    My guess is you can get all the money out but it would be liable for income tax. So you could possibly loose 50% of what's there

    Incorrect guess. You would need to show that you had a terminal illness to get access to a pension pot before age 50. The reference to AVC above is that you can withdraw up to 30% of an AVC but you would be liable to tax on the withdrawal.


Advertisement