While this would rarely be advised, i was wondering about this scenario, where someone who has recently been made redundant ( and is already in new employment)wants to cash in their Former Employment DC scheme - in full. Age 55.
Previous Employment DC Pension Scheme : 400k pot
25 % TFLS : 100k
Balance of : 300k
How would the 300k be taxed ?, i assumed at marginal rate, which would be 40 % but just want to check.
In addition, are there any PRSI of USC implications for the 300k ?
Previous Employment DC Pension Scheme : 400k pot
25 % TFLS : 100k
Balance of : 300k
How would the 300k be taxed ?, i assumed at marginal rate, which would be 40 % but just want to check.
In addition, are there any PRSI of USC implications for the 300k ?