Question about cashing in pension...

T

TakeThat0808

Guest
My husband paid a lot into a pension when he worked in England (started hi pension at 18), then when he moved here, he started paying into a pension through his job. He was made redundant less than 2 years into that job, therefore had paid into the pension for less than 2 years, so can he cash that pension in?

He now has a new job & has been paying into a different pension with them.

The pension he wants to cash in doesnt have a great deal of money in it but we could do with it at the moment for some unexpected expenses.

Thanks for any replies.
 
Yep he can cash it in but he will lose the Employer portion of the payments that were made and he will pay a flat 20% tax rate on the remainder
 
He can only cash in the value of his contributions if the scheme is an Occupational Pension Scheme. If it's a PRSA, he can't.
 
Thanks for the replies. He has signed the paperwork & should receive the cheque next week.
 
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