# cashing in pension? is it possible.



## suemoo1 (3 Oct 2008)

Hi,
Hope you can help, new to website and looking for information on
pensions. ie. can a policy be cashed in? as very short on monies at the moment. I have a policy that i paid into for a couple of years when working full time, now only working part-time and need to clear credit card (5k ) and overdraft (3k).. cannt afford to pay into pension at the moment as my wages only covers the mortgage. many thanks


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## ClubMan (3 Oct 2008)

No.


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## bongo2 (3 Oct 2008)

Hi,
It depends on how long you were in the scheme and the date that you left. If you left post June 2002 and were in the scheme for less than 2 years you can take a refind of your contributions less 20% tax. If you left prior to June 2002 you can take a refund if you were in the scheme for less than 5 years.


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## LDFerguson (3 Oct 2008)

bongo2 said:


> Hi,
> It depends on how long you were in the scheme and the date that you left. If you left post June 2002 and were in the scheme for less than 2 years you can take a refind of your contributions less 20% tax. If you left prior to June 2002 you can take a refund if you were in the scheme for less than 5 years.


 
This only applies to Occupational Pension Schemes.  The original poster says "I have a policy that i paid into for a couple of years..."  This doesn't sound like membership of an Occupational Pension Scheme.


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## ClubMan (4 Oct 2008)

And I read "couple of years" as 2 or more in any case. And the original poster suggests that they could (if they had more money) continue contributing which also supports the theory that this is a personal rather than occupational pension plan.


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## suemoo1 (7 Oct 2008)

Thanks,
I was paying it through my job, they were also paying into it., i think it was for 5/6 years approx, but since im now working part time (in different company) i  cannot afford to so i was going to use that cash if possible to clear the slate and start again (private pension) when things improve.


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## ClubMan (7 Oct 2008)

A refund of contributions is almost certainly not possible so.


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## airgead07 (7 Oct 2008)

age 50 is the earliest you can draw on your pension!


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## therock (14 Oct 2008)

I was paying into a PRSA for about 7 months but then took a permanent job....anyone know the chances of me cashing in my pension?
Thanks!


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## Dave Vanian (14 Oct 2008)

How much is it now worth?


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## therock (14 Oct 2008)

not that much


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## Just_Joe (14 Oct 2008)

I'm in the same boat!

Paying into an BOI-Life Group scheme .. not sure of the exact details, it was all organised through work, I just signed on the dotted line, have been paying in for 2 years and its worth 9k at the mo.

Thought I'd be able to cash it in recently to pay of some debts, credit card etc and when I called them they explained I could'nt get my hands on it till i retired.

They did explain that i could move it... could i move it to some other pension scheme that does allow me to cash in... obviously they'd want a slice of the dough .. thats fair enough.

.. what about all those adverts you see "free up money from your pension" "Join Rip-u-off pensions and free up all that cash" etc ... surely there must be some alternative for me ...


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## LDFerguson (15 Oct 2008)

therock said:


> I was paying into a PRSA for about 7 months but then took a permanent job....anyone know the chances of me cashing in my pension?
> Thanks!


 
If the value of a PRSA is less than €650.00 and the PRSA has been paid up (no contributions made) for two years you can get a refund of contributions paid.  It wouldn't be taxed; you would get the surrender value of the policy.


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## LDFerguson (15 Oct 2008)

Just_Joe said:


> I'm in the same boat!
> 
> Paying into an BOI-Life Group scheme .. not sure of the exact details, it was all organised through work, I just signed on the dotted line, have been paying in for 2 years and its worth 9k at the mo.
> 
> ...


 
If the scheme is an Occupational Pension Scheme and you've been paying into for longer than 2 years, you cannot access the benefits until you retire (earliest age 50).  

I've no idea what sort of scheme they're suggesting you transfer to, that would allow access.  

Are they UK adverts you're reading?  I'm not aware of any such service in Ireland.


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## Tagor1 (7 Apr 2021)

Hi ..... Sorry to resurrect such an old thread but there is a reason!
My wife started a PrsA with Irish life n 2005 and paid in til 2008
She is adamant that she cashed it out in 2009....but this seems to not have been possible. 
She also had a small monthly investment also with Irish life, that she did cash out.

I'm a little worried that the prsa is in fact still sitting there, forgotten about. 
She is not inclined to query it with Irish life as she says there's no point....it was cashed. 

Does anyone know what the options would have been in 2009?

I'd like to query it with Irish life , but as I'm not the policy holder, I presume I can't and need to convince her to...(we do have the policy no)

Maybe an anonymous posters on askaboutmoney will carry more weight with her than her husband ! 

Thanks!


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## time to plan (7 Apr 2021)

Tagor1 said:


> Hi ..... Sorry to resurrect such an old thread but there is a reason!
> My wife started a PrsA with Irish life n 2005 and paid in til 2008
> She is adamant that she cashed it out in 2009....but this seems to not have been possible.
> She also had a small monthly investment also with Irish life, that she did cash out.
> ...


Advise her to put in a Subject Access Request for details of the policy. Providing her policy number will help. It’s five minutes work but I’m guessing they may ask for proof of identity.


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## Dave Vanian (10 Apr 2021)

If it was definitely a PRSA, was worth more than €650, she was under 50 in 2009 and not in bad health, then she could not have cashed it in.  One quick phone call to Irish Life with the policy number will settle this once and for all.


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## Tagor1 (11 Apr 2021)

Thanks Dave and ttp 
We've made the enquiry so hopefully will get a nice surprise.
None of the situations above apply


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