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Withdrawing portion of Executive Pension early?

  • 16-02-2020 3:04pm
    #1
    St1mpMeister
    Registered Users Posts: 502 ✭✭✭


    Is it possible to draw down a portion (say as much as 90%) of an executive pension early before reaching the agreed retirement age, without affecting the pension plan itself?

    e.g. say pension is 100K, can I take down 85K and pay whatever penalties are involved, but continue the pension plan from the 7K or whatever is left as normal and build it up again?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,737 Mod ✭✭✭✭Henry Ford III


    Early retirement is possible from age 50 onwards.

    You can't take partial benefits however.

    Get proper advise on this.


  • #3
    St1mpMeister
    Registered Users Posts: 502 ✭✭✭St1mpMeister


    Henry Ford III wrote: »
    Early retirement is possible from age 50 onwards.

    You can't take partial benefits however.

    Get proper advise on this.

    Right, so it's all or nothing? Fair enough.

    I'll enquire elsewhere anyway but just wanted an initial response.


  • #4
    bcklschaps
    Registered Users, Registered Users 2 Posts: 1,083 ✭✭✭bcklschaps


    St1mpMeister wrote: »
    Right, so it's all or nothing? Fair enough.

    I'll enquire elsewhere anyway but just wanted an initial response.

    Yeah, you need to talk to the company that your pension is with as there can be small differences regarding early draw down options etc. But typically you can get access to your occupational pension from aged 50 onwards.

    It's clearly not recommended
    however as the cost of cashing in your pension early is very high ..... if you need quick money there might be other smarter options eg. Re-mortgage or personal loan etc. But things will be clearer after the pension company conversation.


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