Irish expats returning home from the UK transferring your pension to a QROPS (Qualifying Recognised Overseas Pension Schemes) approved retirement plan in Ireland may offer some clear advantages when compared to leaving your pension benefits in the UK.
The ability to access professional local financial advice relating to a pension administered in Ireland from an Irish advisory firm can greatly simplify future interactions with your pension fund. It is far more convenient for you to have your pension fund administered by an Irish pension provider.
On retirement subject to certain restrictions you can take a 25% cash lump sum and with the balance, subject to Revenue rules, can
By transferring your pension to Ireland you can often benefit from an increased level of flexibility as to how and when they decide to access your retirement fund.
Clients reduce the risk of pre and post retirement currency issues by transferring their pension to a fund denominated in Euro. Particularly in light of the current uncertainty surrounding Brexit in the UK, Sterling/Euro currency movements may impact negatively on the overall performance of the pension fund before they take retirement benefits.
When you come to draw retirement benefits from their pension there is a need for clear advice regarding Longevity, Investment and Inflation Risk. Managing these risks while maximising potential returns for post-retirement funds is key to ensuring adequate provision for clients’ essential income needs in retirement. Transferring their pension to Ireland removes an additional risk of currency movements impacting post retirement income.
Laws and tax rules may change in the future. Any changes to legislation or Revenue practice may result in the ARF option not being available to you at retirement.
Transferring a UK pension to Ireland may not suit everyone in every circumstance and not every UK scheme will permit it therefore you should contact us to discuss if this is an option for you.
Harvest Financial Services are ideally placed to provide you with the advice you need. For more information, or to arrange a meeting to discuss your UK Pension Transfer, please contact us on 01 2375500 or email us at email@example.com.
This marketing information has been provided for discussion purposes only. It is not advice, it is provided for general information purposes only and does not fully take into account your financial position, investment needs and objectives, attitude to risk, liquidity needs, capital security needs, capacity for loss, etc. It should therefore not be relied upon to make investment decisions.
The particular tax treatment contained herein is based on Harvest Financial Services Limited’s understanding of current Revenue practice as at July 2018. Please note that the tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should take such independent tax advice as you deem appropriate.