# cashing in a pension



## wexpension (22 Nov 2010)

Hi, I am a self employed 36 year old and was refused a mortgage. I want to finance the build myself and would like to cash in my pension and start it again when I complete the house. I was told by the mortgege advisor that I cannot do this until retirement age. Is there any possible way that I could get at this money now or do I have to take his word on it? I am surprised that a person cannot get access to these funds when its our own money! Even with a small financial penalty I would be prepared to accept but locking it away for the next 30 years surely cannot be right?????


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## Slash (22 Nov 2010)

Generally, you cannot get at a pension fund until retirement age. However, you would need to read the trust document setting up the pension fund or talk to the trustees, who will know the answer.


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## TheFatMan (22 Nov 2010)

Its locked away until the min retirement age outlined in the trust deeds.
Thats usually 55 or more.

Hang tight though, there was some talk in the papers last weekend that accessing pension funds might be part of pension reform. But thats probably just talk!


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## runner (22 Nov 2010)

It would make some sense in the current crisis to allow people cash in small pension funds... but im no pension expert!


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## wexpension (22 Nov 2010)

I agree totally that we should be allowed to do what we wish. I think that it may turn out that some of the tax concessions allowed on the back of putting those funds into pensions may be withdrawn/refunded... it came as a blow to me all the same being told that I could not touch my money, the last bit I had that hadnt evaporated!
Is the pension reform part of the budget?


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## BazFitz (22 Nov 2010)

Something has to be done in this area.

I recently heard of a guy with a fortune in his AMRF.  The guy cannot put food on his table and cannot access the funds he desperately needs.  He needs the money and the State needs the tax that it could charge on the funds on the way out.  The whole thing makes no sense.


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## wexpension (8 Dec 2010)

Has there been any movement on this one in the Budget?

I couldnt find anything in the snippets I have heard so far!


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## TheFatMan (8 Dec 2010)

Sorry Wexpension
no movement that I can spot yesterday


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## wexpension (7 May 2011)

if this levy is brought in will the govt be changing the terms of the agreement and therefore allow me an option to pull out my money. Like a breach of contract? 
Anyone any thoughts on this?


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## wexpension (12 May 2011)

Surely there is a legal issue around the fact that I cannot touch it til retirement age and yet the miserable government can rob it as they please? I mean if they can grab then why not the person who owns the freakin money???


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## minion (15 May 2011)

In the Irish Economy section on boards.ie and also on politics.ie people are discussing stopping their pensions and how to move them abroad.


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