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Take from pension now , not retired.

  • 05-08-2016 2:02pm
    #1
    howamidifferent
    Registered Users, Registered Users 2 Posts: 1,819 ✭✭✭


    Is there any way to take a lump sum from my pension while still working.
    I'm 52 and not due to retire until 68 so another 16 years to go.
    Was wondering if there is any way to take 35k-40k from my pension pot now?


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,327 CMod ✭✭✭✭Nody


    In general no; some private pensions it might be possible.


  • #3
    blondchick
    Registered Users, Registered Users 2 Posts: 47 ✭blondchick


    Some pension schemes have a clause that it is possible to withdraw a lump sum once you are over 50. It might be worth checking that out.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,476 ✭✭✭✭coylemj


    blondchick wrote: »
    Some pension schemes have a clause that it is possible to withdraw a lump sum once you are over 50. It might be worth checking that out.

    Not while you're still working. With the approval of the scheme trustees, you can retire with a pension after you reach the age of 50 but the revenue people insist that you cannot otherwise touch the money unless you can prove extreme hardship or that you have a terminal illness.

    The option to cash in up to 30% of your AVC expired last March.


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