# How to cash out my pension



## mxlplx (3 Jul 2008)

Hi,

I am a US citizen, but was working in Dublin from 2005-2008. I've since moved back to the states, but have a small pension built up in Ire. As I was employed there for over two years, I'm told I can't withdraw the contributions until I'm at least 50. The thing is, I still have some credit card debt there that I'm trying to get paid off, and this money would be a great help.

Any advise you may have on this is greatly appreciated!


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## tink (3 Jul 2008)

Hi, there is no way around this that I know of, pension board guidelines are very clear, only thing I think of is that you could transfer the proceeds of the irish pension in your US one and then stop paying in your existing one and clear off your credit card with that money? Don't know if its possible but worth looking into.


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## mxlplx (3 Jul 2008)

Thanks tink, it is pretty confusing (and frustrating ).

Unfortunately, because it's possible to cash out a US pension (401k) early, Irish law doesn't allow a transfer into it. I guess they really want to force the 50 year age limit. 

I wonder if I could setup an account with an EU bank (Rabo?) where I could transfer the balance to, then withdraw from there. Lots of hoops, but worth it to take care of the debt I think.


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## ClubMan (3 Jul 2008)

You simply cannot cash in an _Irish _pension early other than (a) if you leave an occupational scheme before two years membership or (b) you draw the pension early due to illness/disability (at least they're the only two situations which I'm aware of). In general your pension savings are locked away until retirement age and there is no trick that will give you access before then.


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## rmelly (3 Jul 2008)

ClubMan said:


> You simply cannot cash in an _Irish _pension early other than (a) if you leave an occupational scheme before two years membership or (b) you draw the pension early due to illness/disability (at least they're the only two situations which I'm aware of). In general your pension savings are locked away until retirement age and there is no trick that will give you access before then.


 
Well there is one other way, but faking your own death is probably not the solution here...


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## ClubMan (3 Jul 2008)

Yeah - you don't want to end up up poo creek without a paddle!


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## mo25 (24 Mar 2009)

Hello

I was paying into cwps pension for over 2 years i am now unable to work due to mental illness i am receiving disability benefit is it possible for me to withdraw funds from the pension or transfer the funds to somewhere where i can withdraw them.
Thank you
Mo25


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