If moving back to Ireland from the UK, it is important to tidy up your UK Pension and move it back to Ireland. We can help with the process
Here are the key steps and processes we would follow to move your pension back to Ireland from the UK.
Step 1: Understand your UK pension scheme
The first step in transferring your UK pension to Ireland is to understand the type of pension scheme you have. If you have a defined contribution pension, you can transfer it to Ireland without any issues. However, if you have a defined benefit pension, you will need to check with your scheme provider whether the transfer is allowed and if there are any penalties or restrictions associated with it.
Step 2: Find a qualified financial advisor
Transferring your UK pension to Ireland is a complex process that requires expert advice. You should seek the services of a qualified financial advisor who can guide you through the process and help you make informed decisions. The advisor should be regulated by the Central Bank of Ireland and have experience in pension transfers.
Step 3: Compare Irish pension schemes
Before transferring your UK pension to Ireland, it is important to compare Irish pension schemes and find one that suits your needs. Your financial advisor can help you compare the features and costs of each scheme and choose the most appropriate one for you.
Step 4: Obtain a transfer value analysis (TVA)
A TVA is a report that shows the value of your UK pension and the benefits that you will receive if you transfer it to Ireland. It also compares the benefits of transferring your pension with those of leaving it in the UK scheme. Your UK pension provider is required to provide you with a TVA free of charge. The TVA will help you make an informed decision about whether to transfer your pension to Ireland.
Step 5: Apply for a QROPS (Qualifying Recognised Overseas Pension Scheme)
A QROPS is an overseas pension scheme that meets certain criteria set by HM Revenue and Customs (HMRC). If you transfer your UK pension to a QROPS in Ireland, you will avoid paying UK taxes on your pension income. You will also be able to access your pension savings from the age of 55, regardless of whether you are resident in Ireland or not.
To apply for a QROPS, you will need to provide your QROPS provider with the TVA report, as well as other documentation such as proof of identity and residency. Your financial advisor can help you find a QROPS provider in Ireland and guide you through the application process.
Step 6: Transfer your pension
Once your QROPS provider is set up, you can transfer your UK pension to your Irish QROPS. The transfer process can take several weeks to complete, and you should keep in mind that your UK pension provider may charge an exit fee for transferring your pension.
Step 7: Manage your Irish pension
After transferring your UK pension to Ireland, you will need to manage your Irish pension and make decisions about how to invest your savings. Your QROPS provider will offer a range of investment options, and you should work with your financial advisor to choose the most appropriate ones for your retirement goals.
In conclusion, transferring your UK pension to Ireland can be a great way to simplify your retirement savings and take advantage of the tax and investment benefits offered by Irish pension schemes.
However, the process is complex and requires expert advice from a qualified financial advisor. Please contact us to discuss getting the process started, it will take a few months from straight to finish but we are experts in this field.
