PRSA Liquidation....

I

Irldigi

Registered User
Messages
69
Hi,

I was wondering if it is possible to actually liquidate a PRSA, or must leave it until the end of the term.

D
 
As far as I know only occupational schemes of which you have been a member for less than two years can be liquidated in order to receive a refund of personal and AVC contributions only (i.e. not also employer contributions) subject to standard rate (?) tax. Otherwise I believe that the funds are locked away until retirement. There may be some other unusual circumstances (e.g. disability?) in which pension funds can be released prematurely but in general I think that they are locked away.
 
ClubMan said:
As far as I know only occupational schemes of which you have been a member for less than two years can be liquidated in order to receive a refund of personal and AVC contributions only (i.e. not also employer contributions) subject to standard rate (?) tax. Otherwise I believe that the funds are locked away until retirement. There may be some other unusual circumstances (e.g. disability?) in which pension funds can be released prematurely but in general I think that they are locked away.
Click to expand...

From on occupational pension plan the rate of tax on the contributions refunded is indeed standard rate (20%).

Is it actually possible to liquidate a PRSA (as opposed to an occupational pension)? I didn't think it was...........
 
On the assumption that you're noweher near retirement age, the only way to cash in a PRSA (apart from retiring due to permanent disability which ClubMan has mentioned) is if there have been no contributions made for two years and the value is €650 or less.
 
CCOVICH said:
Is it actually possible to liquidate a PRSA (as opposed to an occupational pension)? I didn't think it was...........
Click to expand...
In case of any confusion I didn't suggest or mean to suggest that this was possible.
 
Sorry ClubMan, I just noticed the "only" part in the opening line of your post above.
 
No problem. I was just a bit confused by the comment and thought that I might have somehow implied (here or elsewhere) that PRSAs were different from other pensions in terms of their liquidity.
 
You must log in or register to reply here.
Back
Top