My father is now 62 but looking to retire next year. His Normal Retirement Age is 65. He is in a Company Defined Contribution Pension Scheme. The value of the fund at the moment is €210k. At 65 he would be entitled to take up to 1.5 times his salary as a tax free lump sum.
He has been told if he retires at 63, there is a revenue calculation made that reduces the maximum lump sum he can take. He has over 25 years service with this company. Can anybody point me in the direction of the calculation that would be made to get the reduced lump sum maximum?
He has been told if he retires at 63, there is a revenue calculation made that reduces the maximum lump sum he can take. He has over 25 years service with this company. Can anybody point me in the direction of the calculation that would be made to get the reduced lump sum maximum?