Access executive pension plan cash early?

Cameo

Registered User
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156
hi

i Am trying to confirm, something.

if you are a company director with an executive pension plan

can you transfer current pot into and prsa and then

1. transfer prsa To arf (aged over 50) and take tax free cash (tfc)
2. set up another epp and contribute to that

‘’reason is to access some cash now to buy house.

do you have to retire from employment that prsa money is associated to transfer to arf and take tfc?

if so, is there a way round this?

thanks Cameo
 
You can transfer from EPP to PRSA but not sure why you would want to as you would lose the salary/service tax free cash option.

In order to take early retirement at 50 you would need to leave service with no expectation of returning and if you’re a 20% shareholder you would need to dispose of your shareholding to claim benefits.

Kevin
http://www.thepensionstore.ie (www.thepensionstore.ie)
 
Thanks for the response Kevin. There’s a few reasons for wanting to access tax free cash now. Clearly want to avoid losing ability to make chunky contributions in the future.

can you not arf The prsa and take tax free cash and then just start another epp?

could you tempo dispose of shares and buy back after taking tfc from prsa and putting the rest in the arf?

thanks again
 
You could ARF the policy and set up a new scheme. However you can only fund the new scheme for within revenue limits and NO lump sum will be allowed from the new scheme. You are in effect funding the ARF.


You can’t sell and buy back the shares. This would disqualify you from early retirement. In practical terms I don’t even know how this would work. If you sell the shares you trigger CGT just to buy them back again?
 
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