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. For convenience, cost and certainty it may now be worth considering bringing your pension home.
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 you 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.
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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