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Overseas Pensions

Learn How To:

Locate your overseas pension
Get up to date documentation and fund valuation
Assess your pension options of transferring taxing into account the tax implications, access and inheritance benefits

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If you are someone who has worked abroad and have not yet transferred your pension, it may be worth your while to look into this in greater detail. It is however very important that you do your homework before any decision is made as it may or may not be the best decision for you. It mainly depends on the transfer value that your ex employer is offering you versus the pension they are projecting at your normal retirement age. This differs from company to company.

Learn More About Enhanced Transfer Values

THE MAIN BENEFITS OF TRANSFERRING YOU PENSION BACK TO IRELAND ARE:

1. The possibility of getting an Enhanced Transfer Value on your pension
2. This pension money can be transferred in one lump sum
3. It may also be possible for the you to get access to this pension money once its transferred if the correct criteria are met
4. It reduces currency risk once it is transferred into Euro. This is especially relevant for people who worked in the UK due to the uncertainty around Brexit and the impact it will have on the British pound verses the Euro.
5. The individual has full control over this money once its transferred. The individual can invest this wherever he/she wants within revenue rules. Its even possible to use this money to buy property or invest in a company etc.

6. Before transferring your pension out of your ex employers pension scheme, the commitment to pay you this deferred pension to you in the future is entirely down to the goodwill of the company to honour it. They can change the arrangements at any time. For instance, If the Company pension fund is underfunded, they have the authority to change the pension amount they are projecting, the normal retirement age or change from a defined benefit to a defined contribution scheme etc. There are many examples of this occurring over the past few years.

7. The main benefit of transferring your pension is that upon death, your full pension value is left as inheritance to your loved ones. This is not necessarily the case if the pension is left where it is.

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