Cashing in a PRSA???

R

racso

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Could somebody please tell me if it is possible to cash in a prsa? i was paying into one up until a year ago and then transfered job that does not have a pension plan and i need to get the money from the prsa. any statement i get from the company states that payments have been suspended. Thanks for any help.
 
As far as I know you cannot cash in a PRSA under any circumstances other than retirement.
 
There is one exception to the rule. From
[broken link removed]

(ii) Apart from the circumstances at (i) above, a PRSA provider may not pay out PRSA assets except where:
- the value of the PRSA assets does not exceed €650 at the time of request by the contributor or 3 months or more has expired since the provider has served a written statement advising the contributor to transfer his PRSA assets to another PRSA or pension arrangement or to make further contributions, and

- no contributions have been made for at least 2 years

in which case the PRSA provider may refund the contributor’s PRSA assets without the contributor’s consent.
Click to expand...
 
Sorry - yes - early retirement is permitted in certain instances of serious ill-health. Forgot the obvious one. :eek:
 
so does that mean that if i do not contribute for 2 years i can claim back as it is over a year now since i last paid in? Thanks for all ur help with this one
 
racso said:
so does that mean that if i do not contribute for 2 years i can claim back as it is over a year now since i last paid in?
Click to expand...
Only if it is worth €650 or less according to the information posted above.
 
Can I cash in my Irish PRSA?

I have an Irish PRSA, but I no longer live in Ireland and it goes down every year and I pay fees on it!!!! At this rate I'll have nothing left at retirement. I've lost about 20% of what I had in.This cannot be right. Is there anyway I can liberate my cash? I live in spain now and could really use the money.
 
Pattimc said:
I have an Irish PRSA, but I no longer live in Ireland and it goes down every year and I pay fees on it!!!! At this rate I'll have nothing left at retirement. I've lost about 20% of what I had in.This cannot be right. Is there anyway I can liberate my cash? I live in spain now and could really use the money.
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You maybe able to transfer the value to a Spanish pension but most equity based funds are down at the moment, not only in Ireland but all over the world.

Getting back to the OP. It maybe worth noting that if a person is over the age of 50 and has been made redundant, they can claim benefits from a PRSA with their old employers consent.
 
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