Can I continue Paying to make up for shortfall?

[faolteam]

i recently put my pension on hold for 3 months im not sure if i can pay it in when the 3 months are up, Can i put it on hold for another 3 months, ?

The pension was till im 65,

So can i pay it for another year if i want to make up for the loss i may incur now ?

 

[jpd]

What kind of pension product are we talking about?
Please supply some further details of the pension ?

 

[Steven Barrett]

I'm presuming it is a defined contribution pension. If you have taken a premium holiday, you can restart when you are able to to. There is no problem in continuing to pay into it past age 65. This is an arbitrary number that has to be given when you set up the pension, you must give a "Normal Retirement Age". You can actually draw down your benefits at any age fro 60 to 75. If it is a defined contribution pension, remember that there are no guarantees to the benefit you get at the end. Like you can make up the missed contributions by taking more investment risk (it may not work though) , making once off contributions or extending the term.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[faolteam]

Hi Steven how would I know it's a defined contribution pension I know it's retirement age is 65