And does it or anybody else say anything about having to be permanently retired/economically inactive from then on?The pension authority's website says PRSAs can be retired from age 50.
Yes, but you said that the PA said that once the PRSA is retired then one must be (and remain?) economically inactive. Can anybody confirm or rebut this?sorry clubman , maybe im confusing the thread, i was just referring to early retirement rules from a PRSA.
Sorry clubman for confusion . My understanding is that you musy be economically inactive at the time of early retirement. You don’t have to remain economically inactiveYes, but you said that the PA said that once the PRSA is retired then one must be (and remain?) economically inactive. Can anybody confirm or rebut this?
Ok, thanks.Sorry clubman for confusion . My understanding is that you musy be economically inactive at the time of early retirement. You don’t have to remain economically inactive
Willis have a market cap of $14.28 billion compared to Mercer who are valued at $552 million. They are a much bigger company than Mercer!!!
No, it does not.And does it or anybody else say anything about having to be permanently retired/economically inactive from then on?
Section 787k (2) (b) of the TCA.Show me where this is written in law that is regulated by the PA?
Exactly which confirms that employees can retire from 50. The other stuff about economic activity is fanciful and is in conflict with other revenue rulesSection 787k (2) (b) of the TCA.
No it’s not. Retirement is not defined anywhere. You have read it the way you want to read it. Your view is also in clear conflict with other revenue rulesRead it again, its specifies “retirement at age 50”. It doesn’t say “from a specific employment” or provide an avenue for any other inference to be made. Retirement is very clear.
Unless I have missed an update and I am happy to be corrected on this but show me the published revenue guidance that backs your view? I bet you can’t cause it doesn’t exist.Ok…you choose your battle with Revenue so. There have been enough comments here trying to give the correct guidance on the legislation. Its up to you if you choose to interpret it the way you want to.
to me the meaning of retirement is very clear as too is the legislation regarding PRSAs.
You are mentioning a conflict with “revenue rules”. What i think you are drawing comparisons to is the legislation as it applies to occupational pension schemes. A PRSA is not an occupational pension scheme. There are other occupational pension rules which do not apply on PRSAs. Why then would it be the case that the early retirement rules on PRSAs are in conflict when there are a while host of differences between the different arrangements?
So what do you think happens in the scenario that I asked about earlier? Somebody pulls your ARF/annuity pension income payments if you take up paid work later until you stop working again? That doesn't sound plausible to me.Read it again, its specifies “retirement at age 50”. It doesn’t say “from a specific employment” or provide an avenue for any other inference to be made. Retirement is very clear.
If that's the case then what happens if...
Does somebody (who?) stop ARF drawdowns or annuity payments? Or is there some tax (clawback?) penalty?
- You stop working
- You take a tax free lump sum
- You invest the rest in an ARF
- Or you buy an annuity with the balance
- You start drawing down pension income
- You take up employment subsequently
It's not a battle with Revenue. If a PRSA holder shows a P45 from the employment associated with the last contributions to the PRSA, they are able to take benefits once they are 50 years old. They don't have to stop working their current job. There's plenty of people who have done it.Ok…you choose your battle with Revenue so. There have been enough comments here trying to give the correct guidance on the legislation. Its up to you if you choose to interpret it the way you want to.
to me the meaning of retirement is very clear as too is the legislation regarding PRSAs.
You are mentioning a conflict with “revenue rules”. What i think you are drawing comparisons to is the legislation as it applies to occupational pension schemes. A PRSA is not an occupational pension scheme. There are other occupational pension rules which do not apply on PRSAs. Why then would it be the case that the early retirement rules on PRSAs are in conflict when there are a while host of differences between the different arrangements?
Nothing happens.If that's the case then what happens if...
Does somebody (who?) stop ARF drawdowns or annuity payments? Or is there some tax (clawback?) penalty?
- You stop working
- You take a tax free lump sum
- You invest the rest in an ARF
- Or you buy an annuity with the balance
- You start drawing down pension income
- You take up employment subsequently
Thanks @S class.Nothing happens.
You can retire from an employment and then use AVCs from this employment to set up an annuity or ARF. At the time of doing this you can remain in a second employment.
While in retirement you can take up a new employment.
You can also claim Jobseekers benefit or Prsi credits if you are unemployed in retirement up to age 66.
You could also be retired and in an employment and also claim Jobseekers benefit if your employment meets the rules for subsidery employment.