# Withdrawing money from PRSA



## jdpl28 (27 Feb 2009)

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


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## oldtimer (28 Feb 2009)

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.


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## Complainer (28 Feb 2009)

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.


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## LDFerguson (2 Mar 2009)

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.


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