No. You must have left the employment that the pension relates to in order to draw down the 25% at 50.Just to confirm if you withdraw 25% now and continue work can you keep contributing to that same pension? Or must you start a new pension?
There's some misleading/ outdated information on that website.I read with some interest here -> https://nationalpensionhelpline.ie/pension-calculators/tax-free-pension-lump-sum/
NationalPensionHelpline.ie is an information-only website and does not provide direct financial advice. By submitting your information through the platform, your information is sent directly to our pension advisor partners who are regulated by the Central Bank of Ireland. NationalPensionHelpline.ie has a registered office at National Pension Helpline, 151 Thomas Street, Dublin 8, D08 PY5E.
It has Dublin Mint Office vibes to me - masquerading as some sort of "official" entity.The storage of all data submitted during the enquiry / registration stage are passed to one of our central-bank regulated Partners listed below:
– Willis Towers Watson
– First Choice Financial Services
– OMA Financial Services Ltd.
– Actual Insurances
– Ethico Limited
– Perk Life
– Pinnacle Financial
– Sparks Wealth Ltd
– Kirwan Insurance Services Ltd
– Advice First Financial Services Ltd
– True Financial Ltd
– Innovu Insurances
– Walfrid Private
There's nothing 'official' about it. It's run by a Web search / advertising company, creating leads for brokers.Pity the official web-site
Perhaps somebody with concerns about it might report it to the regulators?Perhaps the Central Bank or Pensions Regulator should step in here
Indeed... I was never aware of it to do so until the OP. Equally, one would think those who regulate financial products and offerings would also be aware of such sítes, the mis information or out dated information and take necessary regulatory steps that they are empowered with.Perhaps somebody with concerns about it might report it to the regulators?
Always start with known official links:Yikes - I was naive there. I did not think it could be anything but a legit site.
Always go the end of these types of sites and read the disclaimers or About Us. Then go back up and read away with the knowledge that it's official or in this case a marketing company with no expertese in Pensions.Yikes - I was naive there. I did not think it could be anything but a legit site.
Thanks for the information again all.
Thanks ClubMan.Always start with known official links:
Welcome to the Pensions Authority - pensionsauthority
The Pensions Authority regulates occupational pension schemes, trust retirement annuity contracts (RACs) and personal retirement savings accounts (PRSAs). Our website provides you with access to a comprehensive range of information and guidance material to help you understand pensions. The...www.pensionsauthority.ie
Thanks Dave.It's been pointed out here on Askaboutmoney that the website you mention is littered with inaccuracies and wrong or incomplete information.
The rules regarding early retirement are different depending on what type of pension plan you have. So if you can post what type of pension plan you have, you'll get a reply that's relevant to yours. (PRSA? Occupational Pension Scheme? Personal Pension? Buy Out Bond?)
It's not an official website. It's a site to funnel business to a broker.Thanks for information RedOnion.
Good to know. Pity the official web-site is misleading/outdated.
In that case, 60 is the earliest age you can take a lump sum from that pension. You could continue to work, and contribute to a new personal pension (up to the limits for that employment) and take another 25% lump sum at a later date.Thanks Dave.
Just double checked. I have a personal pension.
OK interesting. Does the the remaining 75% of first pension has to go into an ARF? So the new personal pension is a completely new pension.In that case, 60 is the earliest age you can take a lump sum from that pension. You could continue to work, and contribute to a new personal pension (up to the limits for that employment) and take another 25% lump sum at a later date.
I looked at the video.It's not an official website. It's a site to funnel business to a broker.
Link doesn't seem to work.I looked at the video.
https://vimeo.com/738244987
https://www.linkedin.com/in/dan-malone-374733b1?originalSubdomain=ieWondering if Dan Malone is a registered financial advisor in Ireland or just a content creator on financial topics.
Dan Malone
3rdPremium memberFounder & Content Creator at @Malone Financial (YouTube, Instagram, TikTok) | Ex-PwC | ACA, CTA, QFAChartered Accountants Ireland Malone FinancialGreater Dublin 500+ connections
Does the the remaining 75% of first pension has to go into an ARF?
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