Pension Transfer Ireland
Transfering Pension Benefits in Ireland
Pension arrangements generally allow you to transfer your pension benefits from one arrangement to another. The transfer rules depend on the pension type that you are transferring from and the pension type you seeking to transfer to.
Personal Pension can be transferred to another Personal Pension or to a PRSA.
PRSA can be transferred to another PRSA, to a new employer’s occupational pension scheme or to an overseas arrangement.
Executive Pension can be transferred to another EPP, to a new employer’s occupational pension scheme, to a PRB or to an overseas arrangement.
Occupational Pension Scheme can be transferred to another occupational scheme, a PRSA, a personal retirement bond (PRB), or to an overseas pension arrangement.
PRB can be transferred to another PRB.
Pension Transfer – Uk to Ireland
Transfers of benefits from the UK to Ireland
In order to avoid paying an unauthorised tax charge on your transfer to Ireland, you must transfer your pension into a Qualifying Recognised Overseas Pension Scheme (QROPS), approved by Her Majesty’s Revenue & Customs (HMRC). These products are generally Personal Retirement Bonds, revenue approved in Ireland, and to access them you must be aged 55 or more and be tax resident in Ireland for the past 10 years.
Where transfers are from a DB scheme (where the value is greater than £30,000) or a DC scheme with safeguard benefits, advice must be sought from an FCA regulated adviser, in the UK, as well as from a regulated Financial Broker or Advisor in ROI.
Transferring your UK pension to Ireland in 4 easy steps:
- Once agreed with your One Quote financial advisor to proceed with a transfer, you will be asked to complete a retirement bond application.
- A transfer options form from your UK provider must be requested which includes the option to transfer overseas. You will also need the Qualifying Recognised Overseas Pension Schemes Member information form which can be found on the HMRC website. Once completed, send them back to your UK financial advisor.
- Your Irish PRB application will then be submitted to your chosen product provider.
- Once your Uk transfer is received, your policy will be converted into Euro and your new Irish policy will be set up.
What are the next steps?
Usually, your first contact with us will be a short telephone call or an email. This allows us to understand your situation and let you know how we can help you. A quick phone call or email can often be the easiest way to take the stress out of these decisions.
For most of our clients that initial phone call or email is where they start to get clarity on the right steps to get the most from their Pension.
Please feel free to call us Monday to Friday or to submit an enquiry, with your specific questions.
Phone: 01 845 0049