Pension transfer

jongaz

Hello fellow posters!

I'm a foreigner working in Ireland for the past 2.5 years, and moving to australia in few months.

I've been doing some research online, but wanted to ask here as well for advice/directions/info.

I was wondering if anyone knew if pension that I've automatically paid via tax is transferable to australia? (worked in a hospital and have been paying pension 70)

If so how do I go on about it/how long does it take/where do I start? As far as my research goes, Ireland and Oz have this bilateral social security agreement.

I've read article below and I am getting a little confused about the terms social security insurance/pension.

Many thanks in advance!

http://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/claiming_a_social_welfare_payment/social_insurance_contributions_from_abroad.html

http://www.welfare.ie/en/downloads/sw87.pdf

catbear

probably better in some finance forum but have you been paying into a private pension in Ireland?

FernandoTorres

Are you talking about the state pension? If not then social security is irrelevant. If it's a private pension you need to find out if it's defined benefit or defined contribution. Some Irish pensions can be transferred to Australia but both the sending and receiving funds have to agree on it which can be harder than it sounds.

In Ireland it's confusing because the word 'pension' can be used to refer to the state pension, a DB or DC private pension that you contribute to while you work as well as the drawdown stage when you're receiving payments in retirement. In Oz it's a bit simpler. The age pension is the state pension, superannuation is what you contribute to and a pension is the drawdown stage. The tax treatment is completely different between the two countries which is the reason it can be so hard to transfer.

jongaz

As far as I can see, it is HSE superannuation scheme 2010. Comes onto my payslip as pension 170.

Didn't sign up for anything private..