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pension release from overseas.

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  • 25-08-2014 9:19am
    #1
    killianomahony
    Registered Users Posts: 4 ✭


    Hey think I have read on this somewhere before about early pension release.I have an old pension sitting in the UK for the past couple of years. It's worth £14900 transfer value. How can I get my hands an this?


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    #2
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    How old are you?


    Steven


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    #3
    killianomahony
    Registered Users Posts: 4 ✭killianomahony


    SBarrett wrote: »
    How old are you?


    Steven

    Hi Steven, Im 35.


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    #4
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Hi Killian

    Besides drawing down your pension early because of ill health early retirement, I am not aware of any method of accessing your pension early at age 35. You can transfer the benefits back to Ireland alright but no access.

    There are people promoting transferring pensions to different jurisdictions to get around Irish Revenue rules but I don't advise on things like that. I'm not even sure they apply to accessing your pension at age 35.

    Steven


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    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,281 Mod ✭✭✭✭Jim2007


    OP unless you take up residence outside the EU it is almost impossible for you to legally get your hands on the cash much before retirement stage.
    SBarrett wrote: »
    There are people promoting transferring pensions to different jurisdictions to get around Irish Revenue rules but I don't advise on things like that. I'm not even sure they apply to accessing your pension at age 35.

    Please be aware that it is not unknown for such schemes to consume up to 50% of the capital sum in the process. Google the British papers for examples.


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    #6
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Jim2007 wrote: »
    OP unless you take up residence outside the EU it is almost impossible for you to legally get your hands on the cash much before retirement stage.



    Please be aware that it is not unknown for such schemes to consume up to 50% of the capital sum in the process. Google the British papers for examples.

    Hi Jim

    With the judgement given in the O'Sullivan case, a provider doesn't have to investigate the circumstances of the request for a transfer to another country unless they have suspicions that they are trying to circumvent tax laws.

    Not sure what HM Revenue & Customs would say about it.

    Re the fees, I never got that far with anyone trying to promote these methods. Transferring pensions to New Zealand and take the whole lot out tax free? If it sounds too good to be true...


    Steven


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    #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,281 Mod ✭✭✭✭Jim2007


    SBarrett wrote: »
    If it sounds too good to be true...

    You know what they say.... I know a few UK expats here that have got badly burned with these schemes. And of course you can't exactly complain afterwards...


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    #8
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    From a professional point of view, that would ruin me. Advising someone to transfer their pension to New Zealand, then they get hammered in fees. And who knows, the Revenue could come looking for them when they are in old age.

    I prefer to do things the proper way. And I don't think my indemnity insurer would be too happy with either!

    Steven


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