Closing PRSA-can I just take my money?

V

VenoBlanch

Guest
Hi there,

I've some money in my PRSA account - but figure I'd be better off taking it off and using it to buy a house.

Can I do that?
(I opened the PRSA in September 03 - though I haven't contributed to it since September 04)


Many thanks
 
You can't release the funds from any pension except in certain restricted circumstances - e.g. disability or cashing in an occupational fund (employee contributions only and subject to tax) within the first two years of membership of the scheme. Basically your funds are otherwise locked away until retirement.
 
Cna you cash in a PRSA scheme pension if you have been contributing for less than 2 years?
 
[broken link removed].

When can I take my PRSA benefits?

You can normally take your benefits when aged between 60 and 75.
In certain circumstances you can take your benefits before then, such
as if you retire from employment at age 50 or over, or if you can no
longer work because of a serious illness or disability.
However, it is not usually possible to cash in your PRSA before you
reach 60 years of age (or retirement). Likewise, you cannot use your
PRSA as security for a loan or assign it to someone else.
Click to expand...
 
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