Pillar 3a Withdrawal: Who Qualifies and What You Get
Learn how to access your private pension capital at a reduced tax rate and the specific rules regarding full account withdrawals.
This scheme allows individuals with private pension accounts to access their accumulated savings.
Who it's for
This is available to anyone who has held a 3a private pension account during their working career.
What you get
You gain access to the capital you have built up in your account. When you withdraw these funds, they are subject to a reduced tax rate rather than standard income tax rates.
What it costs you
To start the process, you will need to complete a withdrawal request form. You should also expect to pay processing fees charged by your bank or insurance provider.
The catch to know
You cannot choose to take out only a portion of your savings. When you make a withdrawal, you must take the entire balance from a single account at once.
How to apply
- Contact your bank or insurance company to request a withdrawal form.
- Complete the required documentation for the capital payout.
- Submit the form to your provider for processing.