9.2 C
Galway
HomeBUSINESSFINANCIAL ADVICECould you pay off your mortgage with unclaimed pension funds?

Could you pay off your mortgage with unclaimed pension funds?

Thousands of people across Ireland have money in a pension plan in their name – without even knowing it exists. 

It is estimated that there is over €500 million in unclaimed pension benefits in Ireland, meaning about 40,000 pension pots are unclaimed working out at around €13,000 per year.

Many busy professionals switch jobs and even careers, leaving behind pension funds and never thinking about them again.

While these forgotten funds remain dormant, many Irish people are missing out on thousands of euro which they are entitled to claim.

The good news is that by transferring old workplace pensions to a Personal Retirement Bond, people can access 25% tax-free from the age of 50.

Thankfully payoffyourmortgage.ie can help those who believe they have forgotten pension savings, and they have a free Eligibility Quiz which can be found here: https://payoffmortgage.ie/eligibility-quiz/

People who may have forgotten some pension savings essentially have three options, with the default option being to leave it in the existing pension scheme.

The pension is invested by your old employer and you will receive updates to the address you lived in when you worked here – but this can only be accessed when you reach the scheme’s retirement age.

Secondly, transferring it to the new company’s scheme is a good option if the pension is less than €10,000. It moves over to your new company’s scheme and is invested alongside your ongoing pension contributions.

The third option is one that might just work for you. 

You can transfer the pension into your own name, taking control of it and being able to access it from the age of 50. You decide when you want to take the benefits and it sits independently from your other pensions.

If you think this might be a viable option in your circumstances, Pay Off Your Mortgage is there to help. They have helped countless employees at many different companies – including Pfizer, Bank of Ireland and Eircom to ‘pay off their mortgage’.

To find out more, and to see if you are eligible, take a short Eligibility Quiz here: https://payoffmortgage.ie/eligibility-quiz/

Michael Malone
To get in touch with Galway Daily, email editor@galwaydaily.com
- Advertisment -

Most Popular