Bringing Your Pension Home
If you leave your legacy pension in the UK you may have to pay for financial advice to access it and your income in retirement will be subject to foreign exchange risk. For convenience, cost and certainty it may now be worth considering bringing your pension home. If you’re going to move your pension to Ireland, it is likely that doing it sooner rather than later will be to your advantage.
Changes in legislation introduced as part of the Finance Act 2022 mean that leaving a foreign pension abroad may not be as advantageous as it used to be. It used to be the case that if you matured a foreign pension the lump sum taken didn’t count towards your lifetime limit of €200,000 on tax free lump sums here in Ireland. As part of the Finance Act 2022 this was changed and lump sums drawn from foreign pension schemes by Irish residents now count towards your lifetime allowance. This makes moving your pension home a more viable option for many.
If being brought to Ireland a UK 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. We can provide advice on the tax implications of moving your pension and ensure that you do not incur this tax.
Why move now?
- 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 general, accessing a pension is usually going to be easier if it his held in the jurisdiction in which you live. We can show you the retirement options you will have in the UK, and how these change if you transfer your pension 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.
- Having your pension held where you live eliminates foreign exchange risk during your retirement.
- If you are going to move your pension to Ireland, it may be more cost effective to do it sooner rather than later. Give us a call and we can explain why this is likely to be the case.
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.
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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.
BOOK A FREE NO-OBLIGATION CHAT
By Telephone 01 546 1100
Use the Form on this Page
Email to [email protected]
Book a Zoom call with us here.
Happy to start the process? Click here to complete a factfind and tell us your objectives
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.
Highfield Financial Planning in the Media
The Sunday Times
In the sport of target pistol shooting there is a saying, “slow is smooth, smooth is fast”, which refers to the way to approach drawing and firing a pistol quickly and accurately. The learner shooter who focuses on practising the correct technique slowly, only building in speed later, will win the day nine times out of ten.
The Sunday Independent
A pension is a term that can seem distant to many, especially if you’re at the beginning of your career. But it is a vital part of long-term financial planning, designed to provide you with a source of income in your retirement years. As the pension landscape continues to evolve, understanding the fundamentals and staying informed about the changes is crucial. So, what do you need to know?
The Sunday Times
I have been sitting on about €140,000 in my current account for the past year. It’s what was left over when I sold a property. I keep reading about inflation and how banks are paying no interest and might start paying negative interest, and so on.
The Sunday Times
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Business Post
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The Sunday Times
The phrase “Morton’s fork” can be traced back to the time of King Henry VII in the 15th century, when John Morton, then the Archbishop of Canterbury and lord chancellor, rationalised that a tax levied by the king was just.
Sunday Independent
Q I HAVE €150,000 which I want to invest for between 10 and 15 years — with a view to using it to fund my retirement in the future. I’m 50 years old. I am interested in property investment and had considered using the lump sum to buy a property outright.
The Sunday Times
If I asked 10 people on the street how long they thought pensions had existed, what do you think they would say? Since the 1960s, the formation of the state, or Victorian times?
Business Post
No matter how far away you are from retirement, it is always a good time to start a pension or to build up your contributions. And the tax benefits are considerable, writes Siobhán Maguire
Sunday Business Post
The area of pension guidance can be a minefield, but it’s one which Highfield Financial Planning is happy to negotiate for its clients
Sunday Business Post
Eoghan Gavigan, a specialist investment adviser and certified financial planner at Highfield Financial Planning, has advice for those looking to start a pension, writes Siobhán Maguire
About Highfield Financial Planning
We provide superior advice on Financial Planning services to business owners, professionals and their families. The principal of the firm Eoghan Gavigan has over 27 years’ experience in banking and finance across Treasury, Lending and Wealth Management and is a Qualified Financial Adviser (QFA) and a Certified Financial Planner (CFP). The CFP qualification is the world’s most respected industry designation, held by only a select number of advisers. As Specialist Investment Advisers we can provide you with detailed investment advice on your pensions and investments.
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