Imminent redundancy, inheritance, helping the kids, and allowing for future expenses

[figrolls]

@3CC It's a friend who was kind enough to give me advice. I get your point re loosing tax free growth , but it's a large tax free sum (€110K) , as opposed to what woud be otherwise 25% of my current salary (25% of 60K = 15K) . But I need to work out the figures, and consult an advisor. Yes and would definitely go down the fixed fee route

THANK YOU ALL AGAIN

 

[3CC]

I get your point re loosing tax free growth , but it's a large tax free sum (€110K) , as opposed to what woud be otherwise 25% of my current salary (25% of 60K = 15K) . But I need to work out the figures, and consult an advisor. Yes and would definitely go down the fixed fee route

Is that correct? I thought you could take 25% from each PRSA/Personal Pension that you have plus 1.5 times salary for the occupational pension. This not my area but I think it's not as simple as 110k vs 15k.

 

[figrolls]

Is that correct? I thought you could take 25% from each PRSA/Personal Pension that you have plus 1.5 times salary for the occupational pension. This not my area but I think it's not as simple as 110k vs 15k.

ok, this is making more sense now. So, the idea of transferring all the pensions into the occupation scheme was so that I could avail of the 25% lump sum at age 56 (now) , rather than 60/65. This was to help purchase the inheritance home if we decided to go down that road .

I'll check out the rules re

25% from each PRSA/Personal Pension that you have plus 1.5 times salary for the occupational pension

and educate myself a bit more so thank you