Why not move everything into a PRSA and phase retirement?
A PRSA can be split. So you can have both pre and post retirement “ pots”
Say you get the fund up to €1m
You can retire say €100k
From this pot you can take 25% lump sum
The first €200k is free of tax so this is a tax free lump sum.
You then have €75,000 in a vested or retired PRSA and €900k untouched.
You can draw income from the vested part at any rate you want (subject to minimum distributions at 61 etc)
So you might choose to take an income to make use of exemptions and reliefs. Say €25kpa
So this would last about 3 years.
You then repeat the process
Each chunk of pension has its own lump sum allowance of 25%.
The untouched pension part grows free from personal taxes and is treated as a return of fund on death whereas a spouse or civil partner will take over the vested part on death.
This is just a more flexible and tax efficient way of planning. Rarely see it discussed
Marc Westlake CFP, TEP, APFS, QFA, EFP
Chartered, Certified and European Financial Planner
Registered Trust & Estate Practitioner