Invoking a Buy out Bond

Although I know most people would frown on it, but lets say the 2 years vesting period is over and your pension contains 15,000 euro between employer and employee contributions.
is it possible to cash this pension in say next week and is it a case of just paying 42% tax on the value of the fund when you remove the money? Or is it more complex than that?

The person doing this is still only 26, and as such will be in a position to restart at age 30. I know its not a great idea, but it might be the only way to do something neccessary at this point in time.

A cash refund of own contributions is not allowed once the vesting period of 2yrs has been exceeded.

Interestingly, I know of some people who have used the encashment option as a tax saving mechanism.

Enter the scheme, wioth every intention of leaving within two years, get tax relief at 48% on monies goinf in, & get hit with a 20% tax hit coming out.

Nice one!

You can only availble of the refund option if you are leaving the service of the company and have been in the scheme for less than two years. In that case, there is a tax benefit as you describe if you are a 42% tax payer. I fail to see how you could do it regularly, unless of course you change jobs on a regular basis.