Tax Free Lump Sum Entitlement at Retirement

Discussion in 'Pensions' started by johnkieran, Apr 11, 2018.

  1. johnkieran

    johnkieran New Member

    Posts:
    9
    Last edited: Apr 11, 2018
    Here’s my scenario:

    I have a Buy Out Bond from an early employment.

    I also have a deferred pension from my second last employment. When I was being made redundant from this role I took the maximum tax free redundancy by waiving my entitlement to a Tax Free lump sum at retirement (i.e. by availing of Standard Capital Superannuation Benefit (SCSB) relief.

    I am currently employed and can avail of the pension scheme where my contributions will be matched by employer contributions up to 5% of salary.

    I have 2 questions:

    1) I presume I can take 25% Tax Free Lump Sum from the BOB relating to my first employment. Is this correct?

    2) can I fund for a tax free lump sum (lump sum only based on years’ service) through my current employment. I will have 8 years service at retirement age so can I fund for a TFLS of 24/80ths through this employment?

    So in brief does having previously availed of SCSB relief impact on my ability to tax free benefits from my BOB and my current employment?
     
    Last edited: Apr 11, 2018
  2. johnkieran

    johnkieran New Member

    Posts:
    9
    Any of the professionals on here have a view on this?