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Superannuation & Moving Home

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  • 16-09-2010 3:29am
    #1
    Doc
    Registered Users Posts: 2,670 ✭✭✭


    I understand that Ireland has introduced a kind of superannuation scheme similar to Australia. Is there a way to transfer your Australian one to it when you are going back or a way to transfer it to a pension scheme or something when going home?

    I’m not leaving soon at all but just wanted to know what will happen to the money I’m paying into my super if and when I do decide to head home as I think there’s a large chunk taken out of it in tax if you withdraw it before you reach pension age.

    If you can’t transfer it are there any other loopholes to keep as much of it as you can?


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    #2
    Tigerandahalf
    Registered Users Posts: 7,814 ✭✭✭Tigerandahalf


    From what I've seen so far there is a lot of companies making a lot of money out of people's super. I got a notice from my fund the other week and I couldn't believe the amount of fees that were being taking out of my account..admin fees, insurance fees, etc. The amount I got from investments..the grand total of 1c!!!
    It has been recognised in the last couple of years in Ireland that private pension schemes have provided a very poor return and that the public pension system has been the most cost effective...nobody putting their hand in to take their own slice.
    To answer your question yes you will be taxed if you withdraw the super early. I dont think there is a mechanism to transfer funds. However, when you return to Ireland you may be able to get tax relief by putting this super into your pension fund in Ireland. However, the reliefs on this are being reduced as it was being recognised that many v high earners were cleaning up on tax relief and able to pour huge sums into their pensions.


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    #3
    Number_8
    Closed Accounts Posts: 21 ✭Number_8


    A bit off topic but does anyone know if you have to wait until your visa expires before you apply for your super back?

    I came home recently but I have a few months of the visa left. I called the tax office before I left and they said that immigration will recognise that I have departed once I fly out of the country and that I can apply for my super even if I have time left on my visa.

    I've tried their online super return site and it says that I cannot progress because I either havent left the country yet or my visa hasnt expired. Where they right in saying this?


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    #4
    enda_4
    Registered Users Posts: 101 ✭✭enda_4


    Number_8 wrote: »
    A bit off topic but does anyone know if you have to wait until your visa expires before you apply for your super back?

    Yeah I enquired about mine before I left the country and thats what I was told. Did that thing online which sends you an email once your visa expires. Still havent got it yet and that was last Feburary! They are totally ignoring my emails too


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    #5
    FreeAnd..
    Closed Accounts Posts: 1,150 ✭✭✭FreeAnd..


    enda_4 wrote: »
    Yeah I enquired about mine before I left the country and thats what I was told. Did that thing online which sends you an email once your visa expires. Still havent got it yet and that was last Feburary! They are totally ignoring my emails too

    you need to request cancellation of your visa if you left before it expired and you want to claim your super...think the dept is in Hobart...havent the link handy but should be easy to find in a search


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