TERMS AND CONDITIONS
These terms and conditions (the "Terms and Conditions") govern the use https://michaeloconnor-qfa.com/ the "Site"). This Site is owned and operated by Michael O’Connor. By using this Site, you indicate that you have read and understand these Terms and Conditions and agree to abide by them at all times.
THESE TERMS AND CONDITIONS CONTAIN A DISPUTE RESOLUTION CLAUSE THATIMPACTS YOUR RIGHTS ABOUT HOW TO RESOLVE DISPUTES. PLEASE READ ITCAREFULLY.
Intellectual Property
All content published and made available on our Site is the property of Michael O’Connor and the Site's creators. This includes, but is not limited to images, text, logos, documents, downloadable files and anything that contributes to the composition of our Site.
Acceptable Use
As a user of our Site, you agree to use our Site legally, not to use our Site for illegal purposes, and not to: Violate the intellectual property rights of the Site owners or any third party to the Site. If we believe you are using our Site illegally or in a manner that violates these Terms andConditions, we reserve the right to limit, suspend or terminate your access to our Site. We alsoreserve the right to take any legal steps necessary to prevent you from accessing our Site.
Limitation of Liability
Michael Michael onnor and our directors, officers, agents, employees, subsidiaries, and affiliates will not be liable for any actions, claims, losses, damages, liabilities and expenses including legal fees from your use of the Site.
Indemnity
Except where prohibited by law, by using this Site you indemnify and hold harmless Michael O’Connor and our directors, officers, agents, employees, subsidiaries, and affiliates from any actions, claims,losses, damages, liabilities and expenses including legal fees arising out of your use of our Site oryour violation of these Terms and Conditions.
Website Terms and Conditions
Applicable Law
These Terms and Conditions are governed by the laws of Ireland.
Dispute Resolution
Subject to any exceptions specified in these Terms and Conditions, if you and Michael O’Connor areunable to resolve any dispute through informal discussion, then you and Michael O’Connor agree tosubmit the issue before a mediator. The decision of the mediator will not be binding. Any mediatormust be a neutral party acceptable to both you and Michael O’Connor.
Notwithstanding any other provision in these Terms and Conditions, you and Michael O’Connor agreethat you both retain the right to bring an action in small claims court and to bring an action forinjunctive relief or intellectual property infringement.
Severability
If at any time any of the provisions set forth in these Terms and Conditions are found to beinconsistent or invalid under applicable laws, those provisions will be deemed void and will beremoved from these Terms and Conditions. All other provisions will not be affected by the removaland the rest of these Terms and Conditions will still be considered valid.
Changes
These Terms and Conditions may be amended from time to time in order to maintain compliancewith the law and to reflect any changes to the way we operate our Site and the way we expect users to behave on our Site. We will notify users by email of changes to these Terms and Conditions or post a notice on our Site.
Contact Details
Please contact us if you have any questions or concerns. Our contact details are as follows: m.oconnor (@) completesolutionsfs.com
Effective Date: 25th day of October, 2024
Frequently Asked Questions
Frequently asked questions based on typical concerns people have about early pension access in Ireland
Can I access my pension before the retirement age?
Yes, provided you meet a certain criteria, our occupational or defined benefit is paid up and you are no longer in that occupation. Early access is possible, typically after age 50 or in cases of ill-health.
How much of my pension can I withdraw early?
The first 25% of your pension can be taken as a lump sum, up to €200,000 tax-free.
Is my entire pension accessible early if I am unwell?
On the report of your Doctor Early access due to ill-health is permitted, but medical certification is required.
Can I still receive tax-free benefits if I retire early?
Yes,the first 25% and up to the first €200,000 of your lump sum withdrawal is tax-free, even with early retirement.
What happens to the rest of my pension after I take the lump sum?
You can either buy an annuity or invest in an Approved Retirement Fund (ARF).
Is there flexibility in how I use my pension funds after early withdrawal?
Yes, you can decide between taking an annuity or managing your funds via an ARF.
Can I still contribute to my pension after accessing it early?
No when you mature a pension it stands alone, however you are more than entitled to pay into another separate pension in some cases.
Do I need a financial advisor to access my pension early?
While not mandatory, it’s highly recommended to consult an advisor for tax efficiency and understanding. A financial Advisor will explain everything about each individual pension and make the path forward very clear.
What is an Approved Retirement Fund (ARF)?
An ARF allows you to invest your pension funds and potentially grow with compounding interest so it can last you without bombing out into late retirement.
What happens to my pension if I die before retirement?
An ARF goes to your estate tax free. You must put a rendition on your annuity for it to go to your estate.
What is the earliest age I can retire?
Statutory retirement age is 66. Typically, 50 years old is the minimum age for early retirement.from certain pensions. RAC and PRSA’s retire at age 60.
Is there any penalty for early pension withdrawal?
There are tax implications on funds withdrawn beyond the tax-free limits.
What is a PRSA, and can I access it early?
A PRSA (Personal Retirement Savings Account) allows early access from age 60.
How can I access my occupational pension early?
If you leave employment after age 50, you may access your occupational pension.
What are the conditions for accessing a pension due to serious illness?
Medical proof of incapacity for work in total, meaning unable to complete any sort of work to create an income, is required to access pensions on ill-health grounds.
What happens if I have more than one pension?
You may combine pensions or access them separately based on individual rules. They will all end up in a single ARF/Annuity.
What is the tax treatment of my pension after early withdrawal?
Withdrawals beyond the lump sum are subject to standard income tax. If you are fortunate enough to maximise your tax free lump sum and receive the first €200,000 tax free the next €300,000 is taxed at 20%.
How long does it take to access my pension early?
Processing times vary depending on your pension provider and circumstances generally 6 to 8 weeks sometime faster however not that often.
Can I access my pension if I leave Ireland?
Yes, but tax rules may vary depending on your residency status.
Can I transfer my pension to another scheme before accessing it?
Yes, you may transfer your pension to another qualifying scheme.This may or may not be to your advantage. Take the advice of a Financial Advisor.