cashing in a pension

[back2school]

Hi,

I'm with my current employer for 5 years and have a pension scheme that both I and my employer have been contributing too.

I am looking into starting a course which may mean leaving my job. If this is the case can I cash in my pension fund and will I be entitled also to the employers contribution? I realise there are penalties for cashing it in and that tax must be paid on it.

back2school

 

[Guest]

As far as I know you can only cash in an occupational pension fund (personal contributions only, subject to something like 20% or 23% tax) if you have been in the scheme for less than two years. After that period your pension savings (including preserved benefits attributable to employer contributions) are locked away until retirement. Check the Pensions Board website for more information on this and any other related questions you might have:

www.pensionsboard.ie
www.pensionsboard.ie/faq_doc.asp?id=3