Setting up an ARF - Logistics?

R

redstar

Registered User
Messages
668
I currently have 2 x PRBs and a PRSA (ongoing, non-AVC type) with Irish Life

When the time comes, if I were to go execution-only, how would I access the 2 x PRBs and a PRSA and transfer them to an ARF with a different provider?
Would the execution-only adviser handle that as part of setting up the ARF ?
 
I've just asked Ir Life about taking my pension benefits before the stated retirement age (68).
I am in a Standard Group PRSA through my employer.

Reply
"If you resign from ... before reaching your retirement age, you would be able to claim your funds from your resignation, as you are over the age limit. There are no fees or exit charges for claiming your funds, but we would like to note that some of your PRSA will be subject to taxation."

I'm a bit confused here. I will use the PRSA to take out a ARF after the 25% TFLS. Where would taxation come into it ? The fund is not exactly huge (160k)
 
redstar said:
I'm a bit confused here. I will use the PRSA to take out a ARF after the 25% TFLS. Where would taxation come into it ?
Click to expand...
Any income you draw from your ARF will be assessable for income tax (and USC and maybe PRSI).
Depending on how much you take and what your tax credits are at the time you may or may not pay tax.
 
I understand that an ARF is subject to tax but the Ir Life advisor said "some of your PRSA will be subject to taxation"
Maybe she assumed if taken as cash..
 
redstar said:
I understand that an ARF is subject to tax but the Ir Life advisor said "some of your PRSA will be subject to taxation"
Maybe she assumed if taken as cash..
Click to expand...
Could be just sloppy wording. Maybe ask them to clarify what exactly they mean?
 
You must log in or register to reply here.
Back
Top