Can a a Preserved PS pension be drawn at early retirement age with actuarial reduction

[The Ghoul]

I'm fairly sure that preservation and cost neutral early retirement are separate things and one does not preclude the other but no harm asking here on AAM. I'm aware of the pension modeller on cspensions.gov.ie

John starts working in the public service at age 20. His minimum normal retirement age is 60 and minimum early retirement age under CNER is 50. John works in the PS for 20 years and resigns at age 40.

Can John draw down his preserved pension (with CNER actuarial reduction) at age 50. Let's say that the actuarially reduced pension in this case will be small, say 3000 euro per annum. Is there anything precluding John from drawing it at age 50.

Thanks

 

[Early Riser]

I don't believe this is possible. CNER must be opted into before resignation and it would not be possible to do so at 40.

From the Superannuation Handbook:

"13A.3 The application to draw down cost neutral superannuation benefits must be made not later than the date of resignation ; no applications will be accepted from persons who have already resigned except for cases covered by specified transitional
arrangements on the introduction of the scheme."

 

[The Ghoul]

Thanks Early Riser. As stated above I assumed that this was possible so am glad that I asked now! Have also done some googling and found a page from DIT which has more detail on the T&Cs.

This is very disappointing. I was thinking about this as an option.

The cspensions calculator does allow a 40 year old person to estimate pension benefits for CNER at age 50. However you also have to enter a "future work pattern" and the list gives choices from 5% to 100%. I had wondered why it wasn't 0% to 100% and now perhaps I have the answer.

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