UniqueNewYork
New Member
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- 6
I was made redundant last year and I have a pension (value approx 89k), I have been advised that I can take a lump sum of approx 68k tax free, but that the remainder must be used to buy an annuity, which would only pay approx 500 per year, which is hardly worth having. I was advised that I could cash in the remainder also but would have to pay tax, PRSI, USC etc. on it but was thinking that even if I did have to pay the deductions, I may as well.
I am also wondering if it is possible to claim that tax back as I am currently unemployed so would I be able to apply my tax free allowance against the tax due on the amount, or would it be taxed as if I had been earning it while I was working?.
I am also wondering if it is possible to claim that tax back as I am currently unemployed so would I be able to apply my tax free allowance against the tax due on the amount, or would it be taxed as if I had been earning it while I was working?.