Oliver Niland & Co - Chartered Accountant and Tax Specialists

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Is there any way I can access my pension fund ?

January 1, 2015

Yes, provided it is an AVC fund that is connected to an occupational pension scheme or an buy-out bond paid by AVC’s

Section 782A Taxes Consolidation Act (TCA) 1997 provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 (i.e. the date of passing of Finance Act 2013) during which they can opt to draw down, on a once-off basis, up to 30% of the accumulated value of certain additional voluntary contributions (AVCs). Amounts transferred to scheme members in accordance with this section are taxed at source by the administrator as Schedule E emoluments under PAYE at 41%. No USC or PRSI is deducted

This may be to your advantage if you are paying no tax or paying tax at 20% rate in a tax year.

See the following link http://www.revenue.ie/en/tax/it/pre-retirement.html

Any queries call me on 091 763817

 

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About Us

Oliver Niland is a Chartered Accountant and a Tax Specialist with over 15 years experience of helping small business with tax issues and accounting challenges.

In addition, Oliver advises small businesses in terms of growing their business.

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Contact us at:

Phone:   (091) 763817

Email:    oliver@taxreturnhelp.ie

Unit 8,  Royal Rock Park,

Ballybane Industrial Estate,

Galway.

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Contact Us

Oliver Niland & Co – Chartered Accountant
Unit 8, Royal Rock Park,
Ballybane Industrial Estate,
Galway.

Telephone:  (091)  763817
Mobile:  (087) 984 6979
Email:  oliver@taxreturnhelp.ie 

(Right across from Thomas McDonagh’s hardware store and directly behind the Royal Rock Café )