Pension Age Q

[Mrmr]

Please forgive my ignorance as this is most likely a really silly Question. However I would like to ask, based on there being no set early retirement age in Ireland, and the ability to work part time during retirement in Ireland, what are the implications of me wanting to

1. 'Retire' at 40 and access my small pension fund in a lump sum payment (is there a way of doing this as most say age 50 is the minimum age they allow access, but why is this if there is no set retirement age?)
2. Continue to work part time within the eligibility rules.
3. Await the normal state retirement benefits package at age 65 (I will have 22 years PAYE contributions at that stage)

The above would allow me to access the fund to clear any debts I have but remain able to support myself. Is this doable, legal, advisable?

 

[gipimann]

Regarding your third point: The age at which state pension is payable is being increased in the coming years. Contributory State Pension isn't payable until age 66 at present and will gradually increase to 68. The Transition Pension which is paid to persons aged 65 is being phased out in the next couple of years.

 

[huskerdu]

What is the pension fund that you refer to.
If it is an occupational pension or a PRSA that availed of tax relief on your contributions then the law is very strict on early cash-in. You proabably have no chance of beng able to access a lump sum from it now.

If is a completely private fund with no tac relief then you need to check the rules of the fund about early cash-in.

 

[Mrmr]

Thanks to you both.
I don't mind the age increase from 65 upwards, as if I can keep working part time it shouldn't have an impact on me.

Huskerdu, it's an occupational pension which had tax relief.
I was looking to find out the earliest way to cash it in, but that appears to be age 50 currently and I was hoping to make that earlier. I just thought that maybe I could use the steps I outlined?
If it cannot be done though, fair enough. Thank you