Pension Advisor

aujopimur

I'm looking for a pension advisor in or near Cork City , I have a small pension fund (20,000) which I want to claim.

coylemj

What do you mean when you say you want to 'claim' it? Beware of any adviser who says that they can get the money released into your hand as cash unless you have reached retirement age.

aujopimur

I'm 66 and retired.

Henry Ford III

Ask the administrator for a "retirement options" letter.

If you need any independent advice from there I'd suggest you consult a local "authorised advisor". The Financial Regulator website has a list of them on it's website.

PaulM1977

If you speak to someone about this in Cork, ask them about whether you can claim the full amount back by way of a "trivial pension" option. If a pension is worth less than €10,000.00 after taking a tax-free lump sum, then you may be entitled to get the full value paid to you instead of the pension annuity/ARF & AMRF options.

This will depend on the type of pension you have, as to whether you qualify for this option.

Thanks,

PaulM

The J Stands for Jay

Henry Ford III wrote: »

Ask the administrator for a "retirement options" letter.

Depending on the contents of this letter, you mightn't need any advice.

EGavigan

PaulM1977 wrote: »

If you speak to someone about this in Cork, ask them about whether you can claim the full amount back by way of a "trivial pension" option. If a pension is worth less than €10,000.00 after taking a tax-free lump sum, then you may be entitled to get the full value paid to you instead of the pension annuity/ARF & AMRF options.

This will depend on the type of pension you have, as to whether you qualify for this option.

Thanks,

PaulM

Triviality kicks it below €20,000 not €10,000. If the residual after you take your 25% tax free lump sum is less than €20,000 OR if the residual would buy you an annuity of less than €330 per annum, then under triviality, you can take it out subject to PAYE tax and PRSI.

The J Stands for Jay

EGavigan wrote: »

... if the residual would buy you an annuity of less than €330 per annum, then under triviality, you can take it out subject to PAYE tax and PRSI.

The €330 limit is actually on the whole fund rather than the residual.

EGavigan

McGaggs wrote: »

The €330 limit is actually on the whole fund rather than the residual.

Yes. Good spot.

PaulM1977

Apologies, it should have been €20,000.00 and not €10,000.00 I put in the first post.

Thanks,

PaulM