Cashing in AIB Personal Pension Plan

[Dajama]

I have an Ark Life AIB personal pension plan which I stopped contributing to almost 20 years ago when I moved to the U.S. where I now reside. The plan is worth less than I put into it and I tend to forget about it. But since I will not be living in Ireland again, can I cash in the pension? It's a small amount, but I'd rather put it somewhere it might grow. If age is a factor, I'm 51.

Many thanks in advance for any suggestions.

 

[Steven Barrett]

You can't cash in a personal pension plan. You must wait until you are 60. As far as I am aware, you can't transfer it to the US either.

You should probably review your investment strategy though. If you have had the money invested for any length of time, you should have made money at this stage.


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

 

[vandriver]

Might the rules on trivial pensions ,which you have quoted before apply?

 

[Steven Barrett]

Might the rules on trivial pensions ,which you have quoted before apply?

Trivial pensions applies to being able to cash in the remainder of the pension at retirement age, it doesn't allow you to cash it in early.


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

 

[vandriver]

Ok,I thought I read somewhere that you could cash in a trivial pension at fifty.

 

[Steven Barrett]

Ok,I thought I read somewhere that you could cash in a trivial pension at fifty.

Company paid pensions, not personal pensions (these are the little rules that keep me in a job )


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