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Transfer UK Pension to Ireland?

February 3, 2020
Harvest News
UK Pension

Why Transfer UK Pension to Ireland

  • Currency risk removed.
  • Who knows what might happen to the UK economy after Brexit.
  • Easier to keep track of tax & legislative changes if pension assets are in the country in which you reside.
  • UK Lifetime Limit: £STG 1,000,000.

Changes to UK Transfer Regime.

  • Impacts all transfers post Budget 2017.
  • Upfront 25% exit tax in certain circumstances.
  • Designed to discourage transfers to exotic locations to facilitate full receipt of funds with little or no tax paid.
  • Most transfers are exempt: no exit tax if funds moved to country in which you currently reside.
  • Overseas pension arrangement must be approved by HMRC.
  • Harvest PRB qualifies.
  • Inward transfer doesn’t reduce your Standard Fund Threshold.

Ongoing HMRC Compliance.

  • Irish Provider’s reporting obligations.
  • Ensure no “unauthorised payments”: 40% tax charge.
  • Exit tax can apply to subsequent onward transfer.
  • Some UK rules apply for 5 years after a transfer.
  • No retirement prior to age 55.

Source Clive Slattery

Further Details – Pensions Transfers from the U.K.

Transferring a pension to Ireland may not suit in every circumstance and not every UK scheme will permit it, so it is important to take advice. Harvest Financial Services are ideally placed to provide you with the advice you need. Laws and Tax rules may change in the future.

For more information, or to arrange a meeting to discuss your UK Pension Transfer, please contact us on 01 2375500 or email us at

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 September 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.