Access cash on a Dc pension

D

darrone

Registered User
Messages
19
Hi I have a DB pension 21 years in previous job. I also have 40,000 euro in AVC's. In my new job I have a Dc pension which when combined with my DB pension I should have a reasonable pension when I retire. I also have 41,500 in a Dc pension from another job which I would like to access as I could do with the money for house refurbishments. I am 50 years of age. I was told I can only take 25% and will have to put the rest in an ARF. I was prepared to take the tax bill on the remaining sum after the 25% but this is not a option. Does anyone know if I can take money from the ARF once its set up and just pay the tax.
Sorry for the long post
 
The 75% goes into an AMRF, which is the same as the ARF but with limited access. You can take 4% out the the AMRF each year but no more. When you draw down the DB pension, if it is more than €12,700 a year, the AMRF becomes an ARF and you can access it all but pay tax under PAYE.

All a bit mad, I know. I reckon even computers won't be able to figure out all the mad pension rules so my job won't be automated! :)

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Thanks Steven,
So basically I can't touch my remaining 75% until I retire. Very frustrating but that's the rules.
Thanks for your help
 
You must log in or register to reply here.
Back
Top