M
mack123
Guest
As you'll gather, I'm not too familiar with the Pensions scene, and I can't find anything within the AAM forums which answer my specific questions!
I'm a 60yo retiree into my third year of a public service pension of 28k per annum, with no outstanding major loans or mortgages.
My SSIA matures in December 06, and I'm having difficulty negotiating the various options or benefits available to me in regard to further investment in the various PRSA and/or Personal Pension schemes on offer. Recent amendments to the rules regarding the €7,500 investment, with state contribution of €2,500, seem to have clouded the issue, and a number of companies I've contacted haven't even bothered to reply to my enquiries.
My simple(?) question:
As an existing "pensioner" can I transfer €7,500 of my SSIA proceeds into a new retirement fund; benefit from the €2,500 top-up (which I understand I am now unable to withdraw immediately); contribute approx 20% of my monthly pension for a period of 4 or 5 years, and then either withdraw the resultant proceeds then, or receive a monthly dividend thereafter for a defined period?
If so, what levels of taxation will apply from the moment I received monies from my SSIA on maturity?
Is it even worthwhile to considering an option like this, if it exists at all?
I'm a 60yo retiree into my third year of a public service pension of 28k per annum, with no outstanding major loans or mortgages.
My SSIA matures in December 06, and I'm having difficulty negotiating the various options or benefits available to me in regard to further investment in the various PRSA and/or Personal Pension schemes on offer. Recent amendments to the rules regarding the €7,500 investment, with state contribution of €2,500, seem to have clouded the issue, and a number of companies I've contacted haven't even bothered to reply to my enquiries.
My simple(?) question:
As an existing "pensioner" can I transfer €7,500 of my SSIA proceeds into a new retirement fund; benefit from the €2,500 top-up (which I understand I am now unable to withdraw immediately); contribute approx 20% of my monthly pension for a period of 4 or 5 years, and then either withdraw the resultant proceeds then, or receive a monthly dividend thereafter for a defined period?
If so, what levels of taxation will apply from the moment I received monies from my SSIA on maturity?
Is it even worthwhile to considering an option like this, if it exists at all?