Hello,
A close friend has an Irish Life Complete Solutions Personal Bond, has recently turned 60-years and has now elected to retire.
My friend needs to access money quickly (for personal reasons) and is anxious to know what his rights are, in respect of accessing funds from the above (it's a small fund with less than €40k in value).
Is it simply a case of phoning Irish Life and advising them that he wants to encash the product, then they do the rest ?
- if so, is 25% of the fund the maximum amount he can withdraw (tax free or otherwise) ?
He has no other savings but does own his personal home outright & could elect to rent a room for example, to earn a small income. Nonetheless, he wants to withdraw the entire fund, if thats an option.
Sorry I appreciate these are very basic questions, but I've limited pension experience (and what knowledge I have, is with regards to Company Schemes) and regretfully, he does not have a Financial Advisor - with the previous one who helped arrange this bond, no longer contactable.
Many thanks
Mr. Earl.
A close friend has an Irish Life Complete Solutions Personal Bond, has recently turned 60-years and has now elected to retire.
My friend needs to access money quickly (for personal reasons) and is anxious to know what his rights are, in respect of accessing funds from the above (it's a small fund with less than €40k in value).
Is it simply a case of phoning Irish Life and advising them that he wants to encash the product, then they do the rest ?
- if so, is 25% of the fund the maximum amount he can withdraw (tax free or otherwise) ?
He has no other savings but does own his personal home outright & could elect to rent a room for example, to earn a small income. Nonetheless, he wants to withdraw the entire fund, if thats an option.
Sorry I appreciate these are very basic questions, but I've limited pension experience (and what knowledge I have, is with regards to Company Schemes) and regretfully, he does not have a Financial Advisor - with the previous one who helped arrange this bond, no longer contactable.
Many thanks
Mr. Earl.