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Pension Advice: Leaving the country, likely not coming back.

  • 28-11-2015 9:56pm
    #1
    TotallyEpic
    Registered Users, Registered Users 2 Posts: 554 ✭✭✭


    Hey,

    So I recently accepted a job in a foreign country, and it's unlikely that I'll be returning (at the very least, any time soon). I currently have a pension here, that I've paid into for the past 3.5 years. I'm not sure what the actual total is, trying to get access to this at the moment, but it's likely not a huge amount, but I'm still left unsure what to do with it.

    I'm pretty sure I can withdraw early, at a 20% loss, and if the amount isn't big, as I assume, this is very tempting, as I'm relocating at my own expense, and the money will help. This will also allow me to move without digging into my savings too much.

    Any thoughts or advice?

    Cheers!


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,051 ✭✭✭✭Atlantic Dawn
    M


    Depending on the country you are moving to you could actually transfer the full value of the pension to a new pension in that country.


  • #3
    skippy2
    Registered Users, Registered Users 2 Posts: 393 ✭✭skippy2


    Pretty sure you cannot withdraw anything from it after 2 years. If there is not much in it, and due to the fees i am sure you would be charged, probably not worth doing anything with it in the short term except leave it there. Moving will also depend on what country you are in


  • #4
    mbradso2003
    Closed Accounts Posts: 261 ✭✭mbradso2003


    TotallyEpic wrote: »
    Hey,

    So I recently accepted a job in a foreign country, and it's unlikely that I'll be returning (at the very least, any time soon). I currently have a pension here, that I've paid into for the past 3.5 years. I'm not sure what the actual total is, trying to get access to this at the moment, but it's likely not a huge amount, but I'm still left unsure what to do with it.

    I'm pretty sure I can withdraw early, at a 20% loss, and if the amount isn't big, as I assume, this is very tempting, as I'm relocating at my own expense, and the money will help. This will also allow me to move without digging into my savings too much.

    Any thoughts or advice?

    Cheers!

    Look at transferring as per other poster.

    Look to take early retirement from 50 (depending on rules and type of scheme)

    Draw benefits at normal retirement.


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