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Bringing Your Pension Home

I have a pension abroad which I would like to move home

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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.

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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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Contact us today on 01 546 1100 or book a no-obligation video call with us here.

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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
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

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.

We want you to be comfortable in your dealings with us. We provide a number of suggestions here for ways that you may be able to obtain comfort that we are the right Financial Planner for you.

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I would highly recommend Eoghan to anyone looking for expert financial advice. From my first meeting with Eoghan, the level of service has been exceptional. He's extremely knowledgeable, very patient and explains things in way that you can easily understand. I'm delighted with the product he found for me and I hope to be a client of his for years to come.

Gareth M21/9/2020

I dealt with Eoghan regarding my pension. It wasn't a clear cut situation and Eoghan went above and beyond to explain all details and possible scenarios with me. Eoghan constantly kept me updated and aware of any new information without being prompted. Eoghan was efficient, knowledgeable, professional and a pleasure to deal with. I would not hesitate to use Highfield Financial Planning in the future and would recommend this reliable company with confidence.

Patricia Duggan21/3/2022

Eoghan is a pleasure to deal with. Eoghan has a deep knowledge base and is always up to date with latest market developments. I couldn't recommend Eoghan highly enough.

Colm Ryan21/7/2022

As a complete novice when it comes to pensions I was delighted to come across Eoghan. He explained everything that I needed to know and do. He is very professional yet explains everything in ‘lay’ terms. Even during Covid he kept in touch through Zoom and e mail. Thanks Eoghan

Sheila Weller21/5/2022

My partner and I did a financial plan with Eoghan, with a number of scenarios for our future. The final product was very professional, and provided proactive investment and protection options which Eoghan carried out fully for us. We felt it was very good value for peace of mind for our financial future!

Tim Lee21/5/2021

Excellent service provided by Eoghan since I took the decision to take my pension out of the Banks and use a financial advisor to help me maximise incomes from the market. He is always attentive and quick to offer current valuable advice. Happy to recommend Eoghan to anyone interested in getting sound financial advice.

Niall Hearn2/3/2020

For pensions and advice, Eoghan is an expert, professional and thorough. He has a knack for explaining and summarising this important and complex subject in layman's terms. This helps enormously, making you comfortable that you are making the right financial choices for you. He is also a patient and nice guy to deal with.

Bill Glennon18/9/2019

As well as advising me on the performance of my existing personal pension & arranging life insurance policies, Eoghan is also now overseeing our business needs. So far, he has implemented an employee pension scheme & is advising on corporate co-director & key-person insurance. I have found him to be exceptionally knowledgeable and honest and wouldn't hesitate in recommending him to others for either business or personal pensions/investments etc.

Dawn Richardson10/10/2019

We first met when i was made redundant and needed help with moving my pension. Since then, he has advised me on my life insurance policy for my mortgage and helped me to get a much better deal than I had with my bank. He is extremely helpful and I can ask him anything without feeling like it's a stupid question!

Rachel Egan1/2/2020

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