Moving Irish Pension To UK
Dec 12th 2016, 4:03 pm
#1
Just Joined
Thread Starter
Joined: Dec 2016
Posts: 1
Moving Irish Pension To UK
Hi
I have a personal pension from a previous employer from when I lived and worked in Dublin a number of years ago. I now live back in London and wish to transfer it to a personal pension I have here in the UK. I'm in my 30s - not approaching retirement.
There are two reasons, the scheme in Ireland is being wound down and also I would like to take advantage of the weaker pound as it stands as I believe it will recover in time.
Do you know if the transfer will be taxed - by Irish Revenue and/or HMRC?
Additionally, what are my options if the scheme in Ireland is not QROPS approved by HMRC?
Any advice is much appreciated.
I have a personal pension from a previous employer from when I lived and worked in Dublin a number of years ago. I now live back in London and wish to transfer it to a personal pension I have here in the UK. I'm in my 30s - not approaching retirement.
There are two reasons, the scheme in Ireland is being wound down and also I would like to take advantage of the weaker pound as it stands as I believe it will recover in time.
Do you know if the transfer will be taxed - by Irish Revenue and/or HMRC?
Additionally, what are my options if the scheme in Ireland is not QROPS approved by HMRC?
Any advice is much appreciated.
Dec 13th 2016, 9:50 am
#2
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: Moving Irish Pension To UK
Hi
I have a personal pension from a previous employer from when I lived and worked in Dublin a number of years ago. I now live back in London and wish to transfer it to a personal pension I have here in the UK. I'm in my 30s - not approaching retirement.
There are two reasons, the scheme in Ireland is being wound down and also I would like to take advantage of the weaker pound as it stands as I believe it will recover in time.
Do you know if the transfer will be taxed - by Irish Revenue and/or HMRC?
Additionally, what are my options if the scheme in Ireland is not QROPS approved by HMRC?
Any advice is much appreciated.
I have a personal pension from a previous employer from when I lived and worked in Dublin a number of years ago. I now live back in London and wish to transfer it to a personal pension I have here in the UK. I'm in my 30s - not approaching retirement.
There are two reasons, the scheme in Ireland is being wound down and also I would like to take advantage of the weaker pound as it stands as I believe it will recover in time.
Do you know if the transfer will be taxed - by Irish Revenue and/or HMRC?
Additionally, what are my options if the scheme in Ireland is not QROPS approved by HMRC?
Any advice is much appreciated.
You would just have to ask the pension scheme provider and they will give you advice.
Dec 15th 2016, 5:30 pm
#3
Forum Regular
Joined: Dec 2011
Posts: 193
Re: Moving Irish Pension To UK
Not sure if this helps...
Transfers from Irish pension schemes to overseas (UK) pension schemes
Statutory Instrument (S.I.) No. 716/2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003.
S.I. No. 716/2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003
The Irish Statute, part 3
(a) A member of a scheme who is entitled to a transfer payment under section 34 (2) of the Act, may direct the trustees of the scheme to apply the transfer payment in the making of a payment to an overseas arrangement, or
(b) a PRSA contributor who is entitled to transfer his PRSA assets under section 124 (2) of the Act may direct the PRSA provider to transfer those assets to an overseas arrangement, provided that
(i) the trustees or PRSA provider have satisfied themselves that the retirement benefits to be provided under the overseas arrangement are relevant benefits by obtaining written confirmation to that effect from the trustees, custodians managers or administrators of an overseas arrangement to which the transfer is to be made, and
(ii) the trustees or PRSA provider have satisfied themselves that the overseas arrangement has been approved by an appropriate regulatory authority for the country concerned, and
(iii) the trustees or PRSA provider have received from the member of the scheme or the PRSA contributor such information in such form as may for the time being be approved by the Pensions Board.
Transfers from Irish pension schemes to overseas (UK) pension schemes
Statutory Instrument (S.I.) No. 716/2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003.
S.I. No. 716/2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003
The Irish Statute, part 3
(a) A member of a scheme who is entitled to a transfer payment under section 34 (2) of the Act, may direct the trustees of the scheme to apply the transfer payment in the making of a payment to an overseas arrangement, or
(b) a PRSA contributor who is entitled to transfer his PRSA assets under section 124 (2) of the Act may direct the PRSA provider to transfer those assets to an overseas arrangement, provided that
(i) the trustees or PRSA provider have satisfied themselves that the retirement benefits to be provided under the overseas arrangement are relevant benefits by obtaining written confirmation to that effect from the trustees, custodians managers or administrators of an overseas arrangement to which the transfer is to be made, and
(ii) the trustees or PRSA provider have satisfied themselves that the overseas arrangement has been approved by an appropriate regulatory authority for the country concerned, and
(iii) the trustees or PRSA provider have received from the member of the scheme or the PRSA contributor such information in such form as may for the time being be approved by the Pensions Board.
