C
chanel
Guest
I have a transfer benefit of 12k from an old pension scheme I was in from a few years in early 1990's which is now being wound up.
I do not want to transfer this to my existing pension scheme or to get a prsa. The default option is to take out a personal retirement bond (PRB) in an Irish Life consensus fund. I am just 10 months short of 50 so I just miss out apparently on a cash option. My three questions are:-
1. Can I merely "rest" this 12K in a PRB until I am 50 and then exit it and cash in? - or is it not that simple. (is their a minimum period I have to leave it in first?)
2. Can I take some of the amount as a cash free lump sum at 50 and if so what happens to the balance? - can I take it as a taxable lump sum?
3. What fees/charges can I expect to pay (just ball park)
Thanks for any advice.
I do not want to transfer this to my existing pension scheme or to get a prsa. The default option is to take out a personal retirement bond (PRB) in an Irish Life consensus fund. I am just 10 months short of 50 so I just miss out apparently on a cash option. My three questions are:-
1. Can I merely "rest" this 12K in a PRB until I am 50 and then exit it and cash in? - or is it not that simple. (is their a minimum period I have to leave it in first?)
2. Can I take some of the amount as a cash free lump sum at 50 and if so what happens to the balance? - can I take it as a taxable lump sum?
3. What fees/charges can I expect to pay (just ball park)
Thanks for any advice.