If the pot is under 20k after the tax free lump sum, you can take the whole lot out in one go.
Would any withdrawl above the tax free lump sum not be taxable ? or is there some excemption for pots with less than €20K remaining ?
If there is such an excemption can you post a link to same.
Thanks.
I would think you have to pay tax on anything after you take the tax free lump sum.
From next year in the UK people can access all their defined pension contributions regardless of the pension pot size and not have to invest in an annunity. They has been a great response to this change though the insurance companies that have been paying out dismal annunities are non too pleased.
I am hoping the Irish government will follow suit in the next few years.
It's called a trivial pension and is taxed at 10%.
Means your K10 if used to buy pension today would get you circa 420 per year.
Ireland is way ahead of the UK on this one. We have had ARF's since 1999. The only barrier is the AMRF where if you don't have a guaranteed income of €12,700 per annum, you must put €63,500 into an AMRF until you are 75 or purchase an annuity with that amount.
You know you can transfer your Irish benefits to the UK?
From what I hear ,anyone would be mad to buy an Annuity Pension @ present.
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