Accessing pension after 50

boomdocker · 08-02-2023 1:19pm #1

I'm finding it hard to get a simple answer to this question - can I withdraw funds from my private pension, as I am over 50

I have a private pension, which I contributed lump sums to some years ago

I'd like to be able to draw on some of it

Is it possible?

Henry Ford III · 09-02-2023 10:17am

If it's a personal pension it's not possible.

Jim_Hodge · 09-02-2023 8:35pm

https://www.boards.ie/discussion/2058283427/accessing-pension-after-50

Ask your pension provider

Vegasroger · 09-02-2023 8:38pm

My typical understanding on this is that you can access pension funds built up with any previous emoyer but not the employer you are currently employed with at the moment.

donkey balls · 09-02-2023 9:05pm

I could have drawn down on my Airline pension last year When I turned 50 Taking a 25% tax free lump sum ,One thing to remember this will affect future tax free lump sums.

And as I'm still working if i was to cash in on my old pension I be taxed to the hilt.

Jim2007 · 10-02-2023 12:53pm

At the end of the day the objective is to encourage people to save for retirement and if you try to access it early you can expect that it is either not possible or you'll pay a penalty in some form for doing so.

Buddy Bubs · 10-02-2023 1:11pm

Occupational pensions can be drawn down at 50. Other pensions such as personal pensions or PRSA can't, unless in extreme cases like serious illness.

Your pension provider should be able to give you that simple answer whether you can or not.

AndrewJRenko · 10-02-2023 1:34pm

https://www.boards.ie/discussion/comment/120223621#Comment_120223621

There is no penalty for drawing down an occupational pension from a previous employer after age 50. There is the missed opportunity of future investment growth, but no penalty.

Accessing pension after 50

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