Pension being wound up - Decision please help?

C

curlielou

Guest
Hi Everyone,

I havent a clue re penions and a penion i have with a value of €3,400 from a previous job is being wound up. My choices are if the fund is below €3k we are allowed to take the funds subject to tax or I can transfer to a PRSA or a bond?? I would be grateful for any advice? As the amount is so small I would just like the best option to get the money as cash at the moment without loosing too much of it to the tax man!!!
 
Assuming you don't need to access this immediately I would recommend the PRSA over a Buy Out Bond. The PRSA is more flexible and offers you more options at retirement regarding what you can do with the fund. Also you can continue to invest in the PRSA if you are in non pensiobnable employment. You cannot continue to invest with Buy Out Bond.
 
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