It is possible to process early pension withdrawal in Ireland at the age of 50, subject to specific rules determined by the type of pension scheme in place. To determine your eligibility for early pension access in Ireland, you can use our free online pension tool for an instant result.Early Pension Withdrawal Ireland
Early Withdrawal of Employee Pension
To access your employee pension early, two conditions must be met. Firstly, you must be a deferred member of the pension scheme you intend to withdraw from. A deferred member is someone who no longer works for the same employer who contributed to the pension fund. Secondly, you must be 50 years or older. Contrary to a common misconception, you do not need to be unemployed to access your employer pension early. You can access a former employer’s pension from the age of 50 and continue working without restrictions.
Early Withdrawal of Private Pension
When speaking about private pensions, you are normally referring toa Personal Retirement Savings Accounts (PRSAs). PRSAs can be accessed from the age of 50, provided your employer has made at least one contribution. If your PRSA includes employer contributions, you must not be currently employed to access it. If your employer did not make any contributions, access to your pension is restricted until you reach the age of 60. There are no employment restrictions for accessing a PRSA from the age of 60.
How to Process Early Pension Withdrawal
To process early pension withdrawal, a financial advisor will review your pension. They will examine the applicable scheme rules and confirm whether or not withdrawal is possible. If early access is possible, the advisor will present a list of available pension access options, allowing you to choose the most suitable option.
Denied Early Access by Pension Provider
If attempts to withdraw your pension early directly from the provider prove unsuccessful, consulting with a financial advisor is recommended. Once you meet the outlined criteria for early access, an independent financial advisor can assist in processing your access. Some pension providers may be bound by the retirement age specified in your scheme, which could be set at 60 or 65. In such cases, a financial advisor can help by transferring your pension to a Personal Retirement Bond (PRB), enabling access from the age of 50.
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