Is your PRSA an AVC PRSA?
If so then it is linked to your public service pension. The options therefore would be:
- use as much as possible of the AVC PRSA to maximize the retirement lump sum. So if you have short service or are not otherwise getting the max lump sum from the public service scheme, then use the AVC PRSA to get the Revenue maximum lump sum.
- if there is any balance remaining after taking the above route, then the balance can be :
- invested into an ARF
- used to buy an Annuity
- taken as taxable cash
If the PRSA comes from self employment or a previous employment then you can take 25% as a lump sum and invest the balance into an ARF.
I am slightly confused.It is a standard PRSA which I took out with Eagle Star a number of years ago,where according to the contract it states ,Type of contributions -AVC.
The PRSA does not come from self employment or previous employment.Does this mean I cannot take 25% as a lump sum?