Bring Pension back to Ireland from Germany

micromary

I am looking at bringing my pension funds back from the company I was with in Germany and invest it in a Irish pension fund through a broker friend of mine in Dublin. All that is needed is to give the German bank my Irish bank details. He advised that there are no tax deductions and the full amount will go in. The amount is large I do worry about what the implications of bringing the money back. Has anybody done this beforehand?

coylemj

Is your broker friend up to speed on the taxation laws in Germany? If the contributions were tax-free then I doubt if it will be as simple as just doing a money transfer into a bank account in Ireland. Be careful about taking your money out of a company pension fund - is it a DB scheme? If it is then you might be as well to simply leave it there.

micromary

Thanks for the answer back. He is not up to speed if I am honest with you and that worries me. It is a work pension. I have not earned any interest but this happens after your pension matures. I will get more information tomorrow when I get back from work.

coylemj

If it's in a well-managed, secure fund I would be in no particular hurry to bring it back to Ireland. Your expenses in terms of management charges will be significantly more in a personal fund than what it's costing you to keep it in a company fund. Germany is in the Euro so there's no currency risk, I'd just leave it there and if it's a DB scheme, don't even dream about touching it.

skippy2

With Enda Kenny and Michael Noonan robbing private pensions in Ireland with the pension levy............I would not move a pension fund back to Ireland. You have no guarantee what they will do next. I would trust my money in Germany any day over the incompetency of dealing with Irish Pension funds well at least the one i am dealing with anyway. As previous posters have said there must be some tax implications also. the only ones who will benefit will be the brokers getting commission

homestead

Hi there. Im just wondering did you ever have any problems with the German tax department after leaving Germany.It seems lots of people who returned to Ireland are getting tax bills from Germany in relation to their pensions.Have you come across this or maybe know someone who has.?. Cheers.