Can I transfer my UK pension to Ireland?
It’s possible to transfer most Private UK pensions to Ireland by setting up a QROPS (qualified recognised overseas pension schemes) pension in Ireland to receive your UK pension.
Here are some things to consider:
- If you move your UK pension to Ireland it will be simpler and easier to manage because you will be dealing with an Irish based pension provider and you can be more involved in controlling your pension yourself.
- Your new pension in Ireland will be valued in Euro and it will be paid out to you in Euro.
- You will be able to get financial advice on your pension more easily because you will be able to deal with a local financial advisor.
- Your local financial advisor will help you to transfer your UK pension to Ireland in the first place. This process involves a fair amount of paperwork and your financial advisor will handle all of this for you.
- When your UK pension arrives into your new pension in Ireland you will decide with your financial advisor which funds to invest the pension into, based on your own attitude to risk.
- You will want to know how much income you are likely to receive from your pension in the future and your financial advisor will go through this with you.
- You will need to know how much of a tax free lump sum that you can receive from your pension and, again your financial advisor will assist you with these calculations.
- It’s important to plan your pension access carefully to make sure that you don’t pay any unnecessary taxes.
- You will have a number of options when it comes to how to take income from your pension which will require some discussion with your financial advisor
- You will need to understand what happens to your pension on death and to make sure that your dependents can receive any residual value in your pension.
If you require some initial advice on transferring your UK pension to Ireland, then feel free to call Joanne on 01 5267770.
Jim has been providing tax, pension/investment and lifetime financial planning advice to clients for over 30 years. He has an in-depth understanding of Business Owners and their requirements, which allows him to guide his clients through the complex world of long-term financial planning.