PRSA - Is it possible to withdraw to prevent loss of home?

S

StayAtHomeDa

Guest
Hi,


Does anyone know if it is possible to withdraw money from your PRSA if you are in danger of losing your home? I was made redundant a couple of months back but as my wife is working we were managing ok. It is now possible that my wife will lose her job too and we wont be able to make the mortgage payments. Can this be done?

thanks in advance,

SAHD
 
As far as I am aware, you can only withdraw the money if it's less than two years since you started paying in to the fund. If you have been paying into the fund for longer than two two years then (unfortunately for you) it's got to stay invested until you retire.
 
You can only withdraw money from a PRSA at retirement (earliest possible is age 50), earlier retirement due to serious ill-health or if the value is less than €650 and no contributions have been made for over two years.

The two year rule only applies to Occupational Pension Schemes, not PRSAs.

Sorry to bear bad news.
 
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