41yo with Defence Forces Pension: Is it possible to sell it or take a lumpsum

D

Duracell290

Guest
I have recently retired from the Defence Forces after 21 years service and as I am only 42 years old, I wish to emigrate and start up my own business. I am currently receiving a State pension of €1400 per month.

Could anyone please tell me,

1. If it is possible to get a once off lump sum for this type of pension, if so where?

2. Are there any financial Institutions that buy this type of pension from people, either over a short period or in its entirety?

3. Any other idea's or suggestions would be appreciated.
 
Re: Lump Sum D.F.Pension

I would be loathe to cash in a sure thing (1400 a month, index linked etc.). So I would keep the pension as is and have it paid to you overseas.

As you have secure income, it should be possible to get a loan against it to start up the business. It will also keep you solvent in the early loss-making days of the business (you will still eat!).
 
Re: Lump Sum Defence Forces Pension

Hi Dura and welcome to AAM.

Have you looked at the leaflet on the Department of Defence - Home Page

and have you spoken to PDfora?


I think it is highly unlikely that you can cash in you DF pension.

aj
 
Re: Lump Sum Defence Forces Pension

jaysus, mary and joseph keep that feckin pension. I have 21 years done also and not leaving for a few more years, but i do know this i know someone who has emigrated to Australia and he felt his pension was a big help to himself and his family getting themselves sorted out for the future.

If you got a lump sum that could be gone in no time at all so keep what you have, i mean that pension is for life and be grateful for it. I hope you and you're family do well in the country that you're going to so while you're looking for work maybe that pension will come in handy for you. All the best
 
Not alone do you get your pension, but if you should die your wife gets half of it until she dies. Not to be sneezed at.
 
why are you considering selling ........ doesn't make sense on first reading