Encashing pension policies before retirement

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Privinv

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I have a couple of small pension policies, including a UK civil service policy, which mature when I am 60, which is a few years away. I dont intend to retire at 60. My question is, can I encash these policies before retirement age, if so am I liable for tax?
Thanks
 
UK pensions can be matured from age 55.

Irish company paid pensions and PRSAs can be cashed in from age 50.

Personal paid pensions and PRSAs can be cashed in from age 60.

After the tax free lump sum has been deducted, all pensions are liable to income tax.


Steven
www.bluewaterfp.ie
 
Thanks for your reply Steven. Sorry for the delay in acknowledgment, I was on holiday.

Just a few quick queries -
-Do I have to be retired to draw down the pension, or is it possible to do so from age 60 and still be in PAYE employment?
-I assume that the max. tax free lump sum is 25%?
-Are there any rules regarding drawing down the remainder 75% which is taxable - ie is there a max. % allowed each year to be drawn down?
 
I hope you had a nice holiday, 3 weeks until mine. :)
  1. No, you don't have to retire. You can carry on working if you want.
  2. Max is 25% to a maximum of €200,000 (fund of €800,000). Anything over that to a maximum of €300,000 is taxed at 20%. if you are in a company scheme, you can also have a tax free lump sum based on years service, 3/80th for each year up to 150% of final salary.
  3. If you do not have a guaranteed income of €12,700 per annum, you must put €63,500 into an AMRF or use it to purchase an annuity. You can only withdraw 4% from the AMRF each year. At age 75, those restrictions are finished. With the rest of the money, the Revenue say you can take out as much as you like, whenever you want. The insurance companies are different though and most contracts have restrictions on the amount you can take out in the first 5 years (it's to do with their charging structures).
Steven
www.bluewaterfp.ie
 
Thanks Steven, that clarifies matters for me.
Final query - where there is an income of €12,700 p.a. is there restriction on withdrawals of the remainder 75%,after tax free lump sum?
 
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