Friday August 14, 2020

Scheme sees 10,000 savers raid their pension pots

Almost 10,000 retirement savers have raided their pension pots, withdrawing nearly €70 million under a government scheme that allows access to retirement savings.

6th July, 2014

Almost 10,000 retirement savers have raided their pension pots, withdrawing nearly €70 million under a government scheme that allows access to retirement savings.

Budget 2013 announced plans to allow individuals a one-off option to withdraw some of the accumulated value of top-up pension contributions from their pension pot, with the withdrawal subject to tax.

The change to pension rules gave retirement savers a three-year window, starting from March 27, 2013, to access up to 30 per cent...

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