Have you previously worked in the UK, but are now living back in Ireland? If so, and you or your previous employer/s paid into a private pension scheme, the good news is that it is possible to transfer this UK pension back to Ireland. A recent survey by Standard Life, comprising more than 1,000 Irish adults revealed that 15% of them were in possession of a UK pension. If you are Irish resident, have previously worked in the UK and built up UK pension benefits over the years, then you may be able to bring that pension home and in doing so, have more control over your retirement options.
This is done by way of a QROPS (Qualifying Recognised Overseas Pension Scheme) and there are a number of very good reasons why the Irish are now transferring their UK pensions back home to Ireland.
- Brexit – The ongoing saga with all the uncertainty surrounding Brexit has made people nervous, particularly so, in the event of a hard Brexit.
- Currency – Once your fund has been brought back to Ireland, you will no longer have to worry about currency risk or fluctuations.
- Local Advice – It should be much easier to access updated information on your pension when dealing with a local Certified Financial Planner CFP® here in Ireland than someone in the UK.
- Inheritance – Should you die, it should be a much simpler process for your beneficiaries to process the claim here in Ireland as opposed to delays and/or issues dealing with a pension provider in the UK.
- Tax-Free Transfer – A QROPS registered pension fund accepting transfers from the UK to Ireland does so without attracting any tax liability. Certain conditions apply.
- Fund Choice – When you transfer your pension fund to Ireland, you will be in control of where it’s invested and the level of risk, if any that you’re comfortable with taking.
So, if you’re still considering transferring your private UK pension fund to Ireland, then why not get in touch. The transfer of UK pension funds doesn’t suit everyone and if this is the case, we will clearly tell you. We have been looking after clients just like you for years and will make the process as seamless as possible. We will prepare all the paperwork, deal with your UK provider and keep you updated throughout. Contact us today to reserve your free Discovery Meeting.