75 and cant access pension

Galway56736

no

Mrs OBumble wrote: »

You definitely should educate yourself about how pensions work, so that you can plan your own retirement income. A starting point is to note that they're not at all like bank accounts: you cannot make "withdrawals", instead you (may) take a lump sum at a certain time, and then regular payments until death.

You should also get a little education on pensions... what you've described is one option (annuity route).

An alternative option would be to take a lump sum and drawdown the balance as you see fit.

So you can make withdrawals if its setup that way.

sisters

I dont know

sisters wrote: »

My father took out a private pension with Irish Life in 1989. When he reached retirement age, he was allowed to withdraw a substantial amount but not the whole pension. Instead he is given €77 weekly and is not allowed withdraw the remainder of €17,000.
How can they do this? He is 75 years of age and still forced to work as he is not allowed to access his money. Is this actually legal? Are there hardship cases where exceptions are made for genuine cases? Any advice on this would be great!

My apologies. My father receives €77 per month from the irish life pension and he also receives the state pension. I originally wrote €77 weekly but I wish to correct it as my father informs me that it's €77 per month not week.

splinter65

sisters wrote: »

My apologies. My father receives €77 per month from the irish life pension and he also receives the state pension. I originally wrote €77 weekly but I wish to correct it as my father informs me that it's €77 per month not week.

Don’t worry about that sure we all make mistakes. You can advise your father that he should apply to Sligo to have your mother considered his dependent adult.

Bob Harris

77 a week certainly seemed generous off 17k. 77 per month is more like it.

sisters

I dont know

return guide wrote: »

He has withdrawn his maximum lump sum at the start of the pension. The rest of the fund is to fund a weekly/monthly payment i.e. pension. They are the rules and this would have been explained to him.
May I ask if he has worked in construction pre retirement age? I did and realised quite early that the industry pension scheme was quite bad and nothing was explained as to were the payments were going etc.
There is nothing illegal, quite the opposite it is the norm

yes he has worked in construction all his life. sorry I misunderstood, its 77 euro a month he receives not weekly. Thanks for your input it has been a great help.
I know nothing about pensions and never think of what might happen in the future, Im more of a live in the moment kinda person. So I get it that its the norm for these type of pension funds

sisters

I dont know

bilbot79 wrote: »

These figures don't add up. Mary Lou, is that you?

Yes

sisters

I dont know

Deleted User wrote: »

He’s not forced to work. He chooses to. He’s getting the amount agreed when he took out the policy.

well if you cant afford to get buy on your weekly pension then you are forced to continue working at 75 . Its hardly a choice. At his age he should be taking it easy and enjoying his golden years.

sisters

I dont know

Mrs OBumble wrote: »

Ahh ... so this is all about what YOU think should be happening, rather than what he's choosing to do.

The tax regime in this country means that someone who works 5 days a week actually gets very little more than someone who works only 3 days a week (unless they're earning peanuts). So I'd guess that your father is doing it to keep active and out of your mother's hair, rather than for the money.

You definitely should educate yourself about how pensions work, so that you can plan your own retirement income. A starting point is to note that they're not at all like bank accounts: you cannot make "withdrawals", instead you (may) take a lump sum at a certain time, and then regular payments until death.

why don't you get down of your high horse Mrs Bumble and educate yourself about pensions too instead of pontificating and spouting ****e in your condescending texts. Learn to communicate with others without being so high and mighty.

Fol20

no

Hey OP, a lot people live in the moment however when it comes to your retirement in many moons time, your situation could be more dire than your dads if you dont have a pension and depend on the government. Right now we have a pension time bomb looming. Right now we have 5 workers for every pensioner. People are living longer and having less children. Our lovely government have no great forsight and are also living in the moment paying for pensions with current tax payers money with no money left in reserve. In 20/30 tears time, there will only be 2 workers for every pensioner. This will put a massive strain on our government finances which is already beign seen right now. in 2007, pensions costed around 5billion, now they are around 8billion and this will continue to grow.

I would highly highly recommend researching your own personal situation as i would worry for the future.

sisters

I dont know

sisters wrote: »

well if you cant afford to get buy on your weekly pension then you are forced to continue working at 75 . Its hardly a choice. At his age he should be taking it easy and enjoying his golden years.

Why is your mother not getting a pension? Or why is he not claiming it for her?
How much do you feel he needs to have per week to live?

Mrs OBumble

no

Galway56736 wrote: »

You should also get a little education on pensions... what you've described is one option (annuity route).

An alternative option would be to take a lump sum and drawdown the balance as you see fit.

So you can make withdrawals if its setup that way.

I have three different pensions, due to job changes. And I considered several others when I was choosing my last one.

None of them allow withdrawal of capital apart from one lump sum at retirement.


Frankly I think the OP needs to butt out of their parents financial affairs.

Jim2007

sisters wrote: »

well if you cant afford to get buy on your weekly pension then you are forced to continue working at 75 . Its hardly a choice. At his age he should be taking it easy and enjoying his golden years.

This is simple ridiculous, he is actually on more that most retried people, there must be a lot more to this story that we're being told. Or perhaps you are being told as well.

Addle

Off topic, but what kind of work is he doing on site? He must be in great shape.

Jim2007

Jim2007 wrote: »

This is simple ridiculous, he is actually on more that most retried people, there must be a lot more to this story that we're being told. Or perhaps you are being told as well.

I woundnt day thats accurate. I know quite a few people paying tax at the higher rate in their pension, some who retired mid 50’s too.

bilbot79

no

Alexander Fancy Warfare wrote: »

I woundnt day thats accurate. I know quite a few people paying tax at the higher rate in their pension, some who retired mid 50’s too.

If you do tight by your pension early enough you can easily retire at 60 and likely pay the higher rate too.

bilbot79

bilbot79 wrote: »

If you do tight by your pension early enough you can easily retire at 60 and likely pay the higher rate too.

My pension is not a healthy thing compared to the people I’m talking about.

Galway56736

no

Mrs OBumble wrote: »

I have three different pensions, due to job changes. And I considered several others when I was choosing my last one.

None of them allow withdrawal of capital apart from one lump sum at retirement.


Frankly I think the OP needs to butt out of their parents financial affairs.

So are you saying I’m wrong or are you admitting to a lack of knowledge?

Guess what??? It’s not the first one 😂

Heres Johnny

no

Galway56736 wrote: »

So are you saying I’m wrong or are you admitting to a lack of knowledge?

Guess what??? It’s not the first one 😂

When Mrs O Bumble says she has 3 pensions I believe she means she has 3 separate retirement savings plans and is yet to retire. A pension is an income that pays out, a retirement savings plan is something you pay into.

You were talking about ARFs, and you are quite correct in everything you have said.

Galway56736

no

Heres Johnny wrote: »

When Mrs O Bumble says she has 3 pensions I believe she means she has 3 separate retirement savings plans and is yet to retire. A pension is an income that pays out, a retirement savings plan is something you pay into.

You were talking about ARFs, and you are quite correct in everything you have said.

Agreed... it was her condescending tone telling the OP to educate themselves on pensions while at the same time spouting incorrect information that was irritating

sisters

I dont know

Addle wrote: »

Off topic, but what kind of work is he doing on site? He must be in great shape.

He is a brick layer and driver (haulage)

sisters

I dont know

Heres Johnny wrote: »

When Mrs O Bumble says she has 3 pensions I believe she means she has 3 separate retirement savings plans and is yet to retire. A pension is an income that pays out, a retirement savings plan is something you pay into.

You were talking about ARFs, and you are quite correct in everything you have said.

Mrs Bumble seems to right old bee in her bonnet maybe she should take a rest or early retirement . poor thing!

sisters

I dont know

sisters wrote: »

He is a brick layer and driver (haulage)

but he is clearly working because he wants to!
he and your mother should have enough to live on with their pensions.#Maybe you should ask him why he is still working.....

Abel Ruiz

Mrs OBumble wrote: »

You definitely should educate yourself about how pensions work, so that you can plan your own retirement income. A starting point is to note that they're not at all like bank accounts: you cannot make "withdrawals", instead you (may) take a lump sum at a certain time, and then regular payments until death.

You are such an annoying poster.
Everything you say has a horrible tone.
What is your problem?????
Sick of reading things like this. Cop on ffs!!!!!

Toots

Sisters, enough of the personal insults. If you have a problem with a post, use the report button. Name calling/swearing etc are not permitted on this forum. Please read through the charter before posting again.

Abel Ruiz, same goes for you.

Jim2007

Abel Ruiz wrote: »

You are such an annoying poster.
Everything you say has a horrible tone.
What is your problem?????
Sick of reading things like this. Cop on ffs!!!!!

Learn to use the forum and you'll know that you can just add them to your ignore list, other wise live with it.