W
Wicklow123
Guest
Hi All,
Just heard I'm being made redundant after 2 years with a company.
My query relates to the rights and wrongs of taking the Increased Exemption of €10,000 Vs the inability to take a future tax-free pension lump sum.
Although i'm only with the company 2 years, I transfered in the value of my previous pension to the company scheme.
I see from the calculation that they gave me that I have a value of 'Tax Free pension lump sum receivable' of €22,000
Does that mean that if I took the Increased exemption of 10,000, I'm forgoing the ability to take this €22,000 on retirement?
If so, it seems crazy to avail of the increased exemption now and given that I'm only with the company 2 years, the calculation of SCSB is of no benefit as I see it.
I suppose what I'm wondering is should the pension tax free lump sum receivable figure not be calculated only on the contributions made in this employment (that I'm being made redundant from) and not from amounts transfered from my old job??
Any and all direction gratefully accepted.
Just heard I'm being made redundant after 2 years with a company.
My query relates to the rights and wrongs of taking the Increased Exemption of €10,000 Vs the inability to take a future tax-free pension lump sum.
Although i'm only with the company 2 years, I transfered in the value of my previous pension to the company scheme.
I see from the calculation that they gave me that I have a value of 'Tax Free pension lump sum receivable' of €22,000
Does that mean that if I took the Increased exemption of 10,000, I'm forgoing the ability to take this €22,000 on retirement?
If so, it seems crazy to avail of the increased exemption now and given that I'm only with the company 2 years, the calculation of SCSB is of no benefit as I see it.
I suppose what I'm wondering is should the pension tax free lump sum receivable figure not be calculated only on the contributions made in this employment (that I'm being made redundant from) and not from amounts transfered from my old job??
Any and all direction gratefully accepted.