Hi everyone, I was made redundant 2 years ago and have been in job seekers benefit and more recently a VTOS training scheme, I was also working for the last nine months on a temporary contract which has just finished. When i was made redundant my pension scheme was frozen and I can’t make any payments into it, the current value is €210,000. When taking redundancy I retrained the option to receive a tax free lump sum from it. I am 57, my husband is 61 and his pension has €295,000 in the pot and approximately €20k a year will continue to be added by his employer. He does not make any AVC’s. We have no loans, mortgage is paid off, 2 grown children. My husbands income is approx 40k per year. I will return to the workforce in the next few months. We both intend to work for another 5 years or so.
We have 100k to invest and I’m wondering if I should start a new pension with this money ?. I’ve checked out Aib but the investment funds have a 41% tax on profits. Any advice would be appreciated, thanks in advance.
We have 100k to invest and I’m wondering if I should start a new pension with this money ?. I’ve checked out Aib but the investment funds have a 41% tax on profits. Any advice would be appreciated, thanks in advance.