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Bringing Your Pension Home
If you have a pension in the UK your income in retirement will be subject to exchange rate risk which means it’s future value is uncertain. In addition to this uncertainty caused by Brexit is causing many Irish resident people who have entitlements in the UK to consider moving these home.
In order for this to be permitted the pension must be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). This is a pension scheme which, although located in Ireland, has been registered with HMRC in the UK and can accept a pension transfer without triggering a tax charge as long as certain conditions are met.
Why move now?
- Brexit has left individuals who hold UK pensions with a feeling of uncertainty around whether they will be able to access pension benefits in the future. In general, accessing a pension is usually going to be easier if it his held in the jurisdiction in which you live. You will also need to give consideration to the retirement options you have in the UK, and how these change if you move it to Ireland.
- Treatment on death – it is easier to deal with this when the funds are in an Irish product as opposed to having to deal with administrators in the UK and possibly having to pay for advice from a UK adviser.
- Post Brexit we have no guarantee what the HMRC will allow in terms of transfers overseas.
- Many clients are inclined to act now due to uncertainty around future exchange rates.
If you are interested in bringing your pension home to Ireland we suggest that you read this article.
It is important that you obtain advice from an adviser with experience of cross border transfers as there is more to consider than is the case with internal transfers. We can obtain details of your pension product and explain the issues to you without using technical jargon.
Read some of our recent articles in publications such as The Sunday Times and the Business Post by clicking on this image.
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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.
Best Pension Advice is a trading name of Highfield Financial Planning, the most client focused financial services company in Ireland. We provide superior advice on Retirement Planning for all types of pension available in the Irish market. As Specialist Investment Advisers we can also help you to manage the investment of your pension to achieve your income objectives in retirement.