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Pension Tax Free Lump sum - Does it all have to be taken at once?

  • 17-02-2021 3:51pm
    #1
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭


    Pension Tax Free Lump sum - Does it all have to be taken at once?


    Say I could get my pension at age 55.
    I know im entitled to 25% of the fund tax free, but could I just take say 10% and leave the rest in the fund, but still be able to take it out tax free a few years after?


    So lets say fund is worth 600K.
    Can I take €60k tax free and put the rest into an ARF at age 55 and take 4% a year as pension.
    And then at age 60 take another €90k tax free out of it?


    Or do i have to take the whole €150K tax free in one go?


Comments

  • #2
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    You only get one shot at a tax free lump sum. You don't have to take the full 25%, but if you don't, you can't go looking for more later.


  • #3
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    McGaggs wrote: »
    You only get one shot at a tax free lump sum. You don't have to take the full 25%, but if you don't, you can't go looking for more later.


    Thats what I figured.
    Thanks for clearing it up.
    I know in the UK you can stagger it, but not here it seems


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