Earliest age to draw down a pension?

[darag]

Is there a statutary earliest age at which you can retire and draw down your pension? I'm taking about a private/PRSA type pension. Presumably you can continue to work after doing so?

 

[jpd]

As usual with pensions, it is more complicated than it should be.

For Personal Pension Plans, it's sometime between 60 and 75. You do not have to retire from work to receive the benefits.

For PRSAs, it is possible to take the benefits from 50 onwords, but in this case you must retire from work. Otherwise, anytime between 60 and 75.

There are different rules concerning retirement due to ill-health or for certain occupations where early retirement is the norm ie sportsmen

 

[askalot]

Obviously the earlier you cash it in the less you'll have.

The Irish Insurance Federation have a good pension calculator on its website :

[broken link removed]

After you entering your details it then shows the effects of delaying cashing in your fund by 1 - 5 years and the subsequent increase in your pension.

 

[max]

I too have the same question - any takers?

 

[Guest126]

Yes of course you can, the PRSA fund would be taken into account in calculating the max pension allowable from any future pension related to subsequent employment.

 

[boaber]

chapter 9 does talk about retiring at 50 but it does not seem to mention prsas.

Chapter 9 is solely for Occupational Pension Schemes, not PRSAs.

does anyone know where the link to regulations saying you can take it from 50 on is?

[broken link removed] document from The Pensions Baord (page 27)

If you want the relevant piece of legislation, then check out page 60 of The Pensions (Amendment) Act, 2002