Boston Guinness
Registered User
- Messages
- 16
You can take the lower of 25% or €200k cumulatively from all pensions that you hold and you don't have to do so in one go/at the one time - e.g. different pensions can be retired at different times.When I retire, I can take out 25% tax free lump sum. However, I'm not sure which scheme I can take out this lump sum amount...the Defined Benefit scheme or my AVC scheme (Defined Contributory scheme).
In effect I have a DB pension with my company which pays out €9,135 p.a. on retirement (as of 2019);
no I didn't draw down the DB pension in 2019. It was closed in 2010 with no more contributions allowed and the last benefit statement I got was in 2019. I'm still working for the company and am due to retire when I turn 65. Just need clarity as to what lump sum I can take out if I have a DB plan and DC scheme (AVC's)....is it 25% of both pension plans or 25% of just one plan?
[After converting DB to DC]..........but you would still need to buy an annuity with the DC pot which has employers contributions in it.
You are confusing Revenue rules and scheme rules. The OP is asking where the lump will come from.So your Tax free lump sum will be based on years service in the company which is over 20 years now. It’s not just based on the DB scheme service.
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