Pension Fund Transfer
Pension Fund Transfer
Pension fund transfer can be a particularly complex financial area with many factors to consider. Cross border transfers can also be complicated by how the rules of different jurisdictions affect expat finances. Along with the usual range of financial services, Imperius Wealth also offers clients Retirement Coaching.
Irish pension transfer overseas
Every year thousands of Irish people decide to retire overseas. Spain, Portugal and even Australia are favoured destinations for Irish expats, but before you think about joining them for your own golden years, you’ll want to make sure you know what will happen to your pension.
Can you transfer your Irish pension ?
There are numerous private pension types available in Ireland:
- Personal Retirement Savings Accounts
- Public sector occupational pensions
- Private sector occupational pension schemes
- Trust-based pension schemes and the trustees’ role
- Final salary defined benefit schemes
- Career average defined benefit schemes
- Integration/coordination
- Defined contribution schemes
- Hybrid pension schemes
- Retirement Annuity Contracts and Trust RACs
Most can be transferred to other countries, we will help you negotiate the transfer with your current fund provider and guide you through the process.
How do you transfer an Irish pension ?
There is no one answer to this. It depends both on your pension and what country you want to emigrate too.
For example, most PRSAs are very flexible financial products and can be moved quite easily if you pay the fee your provider stipulates. Depending on your retirement destination you may need to pay specific taxes or even admin fees.valuable
Is it more efficient to do an Irish pension fund transfer ?
Is it the right choice for you?
Again, it’s a personal question and the answer will depend on timing, your wealth, and your retirement goals.
However, one of the main reasons that most people decide to transfer their pension is to mitigate the currency risk – having your most valuable retirement funds in euros while you live in Australia for instance means you are never certain exactly how much your pension is worth. Indeed, it will change daily, and wider economic differences could seriously impact your quality of life.
Can I transfer my Irish pension on my own or do I need a financial adviser?
It is possible to do it without an adviser, but remember this is your livelihood, any mistakes or knowledge gaps could have a significant impact on your spending power and lifestyle in retirement.
It’s always recommended that you seek professional support and advice.
FAQs: How to transfer a pension from Ireland to another country
Q: What kind of pension can I transfer abroad?
A: Generally speaking, you can transfer most company pensions and private pensions abroad but not the state pension.
Q: How old do I have to be to transfer my pension abroad?
A: You must be 55 or over.
Q: Are your advisers qualified in the Eire and the UK?
A. Yes. We have dual jurisdiction qualified advisers who are qualified in both Eire and the UK.
Q: Should I leave some funds in the UK/Eire?
A: When we talk to clients about pension transfers we discuss how much, if any, of their assets they should leave behind. Things like currency rates, flexibility or liquidity can have an impact on this decision. You also have to remember that, once you are no longer a resident, your tax situation is very different.
Q: What is FEIFA?
A: FEIFA is the Federation of European Independent financial advisers, which is the largest trade association for cross border financial planners in the world. Imperius Wealth’s Jason O’Connell is a founding and current board member of the organisation.