I have scanned this forum (many thanks) and reviewed as much info on line as I can and I have assembled the following information, I would greatly appreciate it, if anyone here can add anything.
My husband has a PRSA that he (not his employer) put money in to.
He is now 57 and not working, so we are looking at options to access this money.
As I understand it, the once off 30% withdrawal does not apply as it is not an occupational pension scheme and not a AVC PRSA.
I believe that he can 'retire' now and get a tax free lump sum of 25% of the fund. We can then buy an annuity with balance or put it into and AMRF.
Assuming we put the balance in the AMRF, we can take out 4% per annum.
If at some point in the future he gets a guaranteed income of €12700 pa (e.g. he draws down the state pension at age 67), he will then be able to transfer the AMRF into an ARF and drawdown money as he wishes.
If not, the money is tied up until he is aged 75.
I will have an guaranteed income in excess of €12700 from a previous employer when I reach 60, but my reading of the revenue information is that whilst the income is taxed jointly, my husband must have the €12700 in his own name and my income will not count in this regard. Have I read this correctly?
I also see that there may be changes to this area, if we go ahead now, and the changes create a more favorable position with regard to the AMRF might we still be able to avail of them?
Are there any other considerations or options I have missed?
many thanks
My husband has a PRSA that he (not his employer) put money in to.
He is now 57 and not working, so we are looking at options to access this money.
As I understand it, the once off 30% withdrawal does not apply as it is not an occupational pension scheme and not a AVC PRSA.
I believe that he can 'retire' now and get a tax free lump sum of 25% of the fund. We can then buy an annuity with balance or put it into and AMRF.
Assuming we put the balance in the AMRF, we can take out 4% per annum.
If at some point in the future he gets a guaranteed income of €12700 pa (e.g. he draws down the state pension at age 67), he will then be able to transfer the AMRF into an ARF and drawdown money as he wishes.
If not, the money is tied up until he is aged 75.
I will have an guaranteed income in excess of €12700 from a previous employer when I reach 60, but my reading of the revenue information is that whilst the income is taxed jointly, my husband must have the €12700 in his own name and my income will not count in this regard. Have I read this correctly?
I also see that there may be changes to this area, if we go ahead now, and the changes create a more favorable position with regard to the AMRF might we still be able to avail of them?
Are there any other considerations or options I have missed?
many thanks