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Release Pension Cash

If you have a pension from a previous employment, PRSA, or a Personal Pension you might be able to release a TAX-FREE LUMP SUM. You may wish to extract cash from your pension or claim early retirement benefits. We can assist you with the technical details of claim, receiving payments and the regulatory compliance process.

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Age 50+

If you have a Pension fund in a previous employment scheme, you may be able to release 25% of the fund as a TAX-FREE LUMP SUM. Everybody’s situation is different and our Advisors will examine your Leaving Service Options and payments calculation with the previous scheme and advise on an approved, regulatory pathway for securing your tax-free lump sum and early retirement benefits.

Retirement from Ill-Health

Many workers are forced to retire due to ill-health or an incapacity to continue working in their previous occupation. While consent to early retirement on the basis of ill-health is usually at the discretion of the Trustees of the Employer’s scheme, this consent can be forthcoming based on clear and proper medical evidence and an ill-health claim may be considered with an enhanced tax-free lump sum in certain circumstances. 

We will assist you with the detailed claim process in a discreet, efficient and timely manner, ensuring that your full pension and statutory retirement benefits are paid.

Cash from an Early Retirement Option in your 50s may be a real and timely boost to your finances:

  • Third level fees 
  • Paying off the mortgage 
  • Reducing debt

Are some of the main advantages of pension cash release in your 50s. These are important considerations which may affect your income in retirement.

Our Advisors will talk you through the process and assist you with the detailed claim.

To release some pension cash from a previous Employer’s scheme, call us today and get an Experienced, Independent Financial Advisor working on your case.

You will have several options including:

  1. Transferring fund value to a Personal Retirement Bond. If you’re over 50 years of age, you may be able to withdraw tax-free cash and invest the balance in a post-retirement fund.
  2. You may wish to compile all of your previous Employer pensions in Personal Retirement Bonds from which you may be able to take early retirement benefits and extract tax free cash.
  3. You may wish to transfer a previous pension to a current Employers scheme.

It may well be that you can withdraw cash from previous Employers pensions tax free while continuing to work in your current employment.

We will assess your situation and compile an action plan which illustrates all the options and compares the market for Personal Retirement Bonds and Post- Retirement funds such as ARF’s and AMRF’s. (Approved Retirement Funds and Approved Minimum Retirement Funds). The less you pay in unnecessary charges, the longer your pension fund will last!

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It sounds logical, but in practical terms, the transfer of your previous pension to the scheme of your new employer will limit your Retirement from that Fund until you retire from the new Employment.

Best advice is to keep each Occupational Pensions separate as this may allow you to take Early Retirement Options and Tax-free cash extractions from previous pensions. E.G. If you are more than 50 years of age, and have left the employment of a previous scheme, you may well be able to transfer your previous pension to a Personal Retirement Bond and Retire early from it while you continue to work with your current Employer. Tax-free lump sum of 25% of Personal Retirement Bond values are permitted by Revenue once you’re more than 50 years of age.

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Call (01) 5543 678

No, you do not need to worry unnecessarily but when this happens it can be more onerous on a Deferred Member or Scheme leaver to keep tabs on given personal benefits years later. Advice is needed before you make any decision as there are pros and cons to each choice.

Our Advisors will assist you with advice and procedure to securing your former Employers Pension Fund in your own name through a Personal Retirement Bond with a Life Company. You may have early Retirement entitlements including a Tax-free cash payment from your Pension. To engage our assistance, please call the number below or request a free review.

Click here to discuss further / Request a free review.

Call (01) 5543 678

Redundancy plans are generally published in advance by Employers. A redundancy scheme will typically offer a worker a number of levels of compensation for loss of their employment including:

  • Typically, a number of week payment per year of Employment i.e. Statutory Entitlements.
  • An Ex- Gratia payment from the Employer.
  • Access to a higher Tax-free lump sum by taking some Tax-free cash from the Pension of the Employee.

Redundancy calculations need to be considered very carefully as the highest offer termination payment available to the Employees may include:

  • A voluntary waiver of one’s Tax-free Pension entitlements.
  • Restriction on the Employee taking maximum Tax-free cash from their pension early. (Age 50).

In simple terms, what appears to be the larger value a termination payment or “Cheque payment” on the offer day may well not be best position for the Employee long term. It may limit Early Retirement Options from that Occupational Pension Fund as a result of accepting the higher Redundancy offer.

If you are considering a Redundancy offer, our Advisors offer a free review of your employer’s published Redundancy payment offer. We will consider your age and further Employment / Retirement Options independently of your Employer’s offers.

Our Advisor will illustrate the best short-term redundancy offer for you and the implications it may have on final Retirement. To enlist our help with calculation your optimum Redundancy position, please call the number below or request a free review.

Click here to discuss further / Request a free review.

Call (01) 5543 678

What’s Your Status?

You can contribute to various types of pensions depending on your employment status.

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