Cashing out a pension early

RainInSummer · 03-12-2021 8:57am #1

So I'll be hitting a certain landmark birthday soon and I have a small pension from a company I worked for 15 years ago. I think it's about 6k all in. It was converted from an occupational pension to a private one some time in the dim past.

Is there much involved in getting this cashed out? Not seeing anywhere I can do this on the web portal they provide.

Henry Ford III · 03-12-2021 6:50pm

Early retirement is possible from age 50.

Consultant the scheme administrators.

03-12-2021 6:59pm

If you lose your job and have a monthly or annual payment coming from a pension fund it will be factored in to your unemployment assistance payments and you'll receive less as it is "income".

Mod Warning: Keep it factual.

RainInSummer · 03-12-2021 7:29pm

https://www.boards.ie/discussion/comment/118264524#Comment_118264524

Cheers, so I don't need to involve a finance bod/accountant etc?

I'll be hitting 50 alright.

ANXIOUS · 04-12-2021 10:01am

https://www.boards.ie/discussion/comment/118264847#Comment_118264847

No just write to the administrators (Mercer, Irish life, Invesco etc) and ask for early retirement options.

RainInSummer · 04-12-2021 12:00pm

Cheers!

UrbanFox · 17-12-2021 1:08pm

Is there any danger that OP can be rendered liable to an exit tax or would there be any exemption for this product ?

RainInSummer · 17-12-2021 6:26pm

I'll find out in Feb. I emailed the company in question and they said to get back closer the date.

Henry Ford III · 18-12-2021 2:46pm

https://www.boards.ie/discussion/comment/118336670#Comment_118336670

There'll be a tax free lump sum plus retirement benefits in one form or another.

RainInSummer · 19-12-2021 9:16am

I think you can get 25% of the value of the pension tax free. Not sure on that figure though.

Cashing out a pension early

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