Retiring old DC Pension to maximise current pension tax free contribution limits

Redzer

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I'm thinking of 'retiring' an old DC Pension Pot that I have from a previous employment so as to use its Tax Free Lump Sum to maximise my contributions to my current DC scheme and I'm hoping to get some feedback here on if this makes sense.

I'm aged 55 this year, earning approx. €95k p.a. and would be permitted to contribute 35% of my income into my current DC pension scheme but I'm only able to spare 15%.

If I was to retire an old PRB (approx. Value €100k) into an ARF and receive €25k as its 25% Tax Free Lump Sum(TFLS), could I then use approx. €19k of that TFLS as an AVC for 2022 (if complete by Oct 2023) and then get 40% of that €19k AVC refunded as Tax Back (=€7.6K).

Could I also then use the remainder of the old PRB TFLS and the Tax Back (total €13.6K = €25k-€19k+€7.6k) as an AVC for 2023?

I know I'm essentially flipping from one pension pot to another and bringing in Imputed Distribution from 2029 but hopefully making better use of my contribution limits to an overall benefit.

I would also possibly hope to repeat the exercise next year with a different old DC pension pot using similar logic if the above works out.
 
At a quick glance it appears you are just moving 25k from one pension to another ? When you 'cash in' the bond you are obliged to take out 4% which will be taxed at 53% annually as things stand.
 
At a quick glance it appears you are just moving 25k from one pension to another ? When you 'cash in' the bond you are obliged to take out 4% which will be taxed at 53% annually as things stand.
Thanks for the quick feedback elcato

By moving 25k into my current pension as AVCs I think I'm entitled to claim back 40% of it from the Income Tax I'll have already paid at source as I'll be below the age-related earnings percentage limits? I'm currently only contributing 15% of Income but am allowed up to 35%.

Doesn't the tax on the ARF 4% Imputed Distribution only kick in the full year I'll be 61 = 2029?
 
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