Withdrawing money from PRSA

[jdpl28]

Hi,

I have a PRSA, set it up a number of years ago. But the total value of the fund is down 40 compared to what I've contributed. Would I be able to withdraw all this money without having to pay any tax back? - I've always payed into it on my top rate of tax.

If not, how would I go about withdrawing the money anyway?

thanks,
J

 

[oldtimer]

Good question. My wife in a similar situation and would like to know the answer. I have read the conditions etc but cannot find any reference to withdrawal. Intend ringing the institution on Monday.

 

[Complainer]

To the best of my knowledge, it is not possible to withdraw money from a PRSA or any pension. The money is for your retirement.

 

[LDFerguson]

Complainer is correct. You cannot withdraw monies from a PRSA until retirement, which can be from age 60 onwards, age 50 if you are retiring from employment altogether or earlier in cases of serious ill-health.

Having seen your fund value drop, I'm not convinced that it's necessarily the correct course of action to withdraw it and thus exclude yourself from any possible recovery. Equity-based pension funds go down as well as up always. However, you'd need to take professional advice with regard to your specific circumstances before proceeding.