Following on from this I have a question about when you can access a pension lump sum.
I have an Irish life pension which I pay into each month and my employer adds contributions...
I have an Irish life pension which I pay into each month and my employer adds contributions...
- Is this referred to a PRSA? I keep seeing references to occupational and PRSA pensions and I'm not clear on the difference...
- At what point can I access the lump sum? On the Irish Life documents my retirement age is listed as 65, I've seen references to accessing pension lump sums at 60 y/o and also at 50 y/o, and I've also seen references to accessing 25% at some point?
- As it stands, how much income tax do you pay when you draw down a lump sum? Is it income tax only, or also USC and PRSI? I believe there is a tax free lump sum of 25% ?
- In the event of death before retirement, does the lump sum go directly to the inheritor?