PRSA

N

Nollaig

Registered User
Messages
6
Hi
I have a query regarding my PRSA. I am currently aged 57, unemployed and likely to remain so. I receive credits from SW but nothing else. I have a PRSA and am wondering if I have the option of taking it as an income for the next 10 years until my Contributory pension kicks in. I will be receiving a defined pension of circa 12000 euro PA from aged 60 and it seems to make more sense to me to take the PRSA foe the next 10 years if I have the option. Any helpful advice would be appreciated, thanks
 
Was your PRSA set up through work or did you do it yourself?

Work PRSA's can be taken from age 50 onwards (like an occupational pension scheme). PRSA's you set up yourself can be taken from age 60 onwards (like a personal pension).


Steven
www.bluewaterfp.ie
 
Thanks for your reply. PRSA was set up through work. My main query is do I have the option to take it for a specific period of time, ie 10 years
 
You can mature the pension whenever you want and take 25% tax free. With the remainder, you can purchase an annuity for life or go the ARF route. It's more than likely you will have to put some/ all of the funds into an AMRF which only allows you to take 4% out each year. Under the ARF route, you can draw down the income over 10 years if you wish or try to make it last longer.

Steven
www.bluewaterfp.ie
 
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