Occupational Pension Scheme / PRSA overseas transfer

ceroc81

I have an OPS with Mercer Ireland since a couple of years back, I have now moved back to my home country and I'm looking at ways to transfer this pension back with me.

I've been googling about overseas transfers from one EU country to another and it seems a bit tricky to find answers but from what I gathered converting the pension scheme into a PRSA is the most flexible option is that correct? Any pitfalls that I should look out for?

The most official answer I've managed to find is this - http://www.pensionsauthority.ie/en/Regulation/Guidance_FAQs/Note_on_pension_transfers_outside_the_State.pdf
Is there any other information / website that would contain the exact rules and regulation regarding moving pensions?

Any type of information about oversea transfer of OPS or PRSA would be most helpful!

Merowig

If you transfer an occupational scheme to a PRSA you might need a certificate of comparison - which costs around 1k.

You can often transfer your pension scheme directly to one in your home country - you don't need to do this via a PRSA.

ceroc81

Merowig wrote: »

If you transfer an occupational scheme to a PRSA you mioght need a certificate of comparison - which costs around 1k.

You can often transfer your pension scheme directly to one in your home country - you don't need to do this via a PRSA.

Thank you, yes I know there is a charge for for transfer into a PRSA.
I have contacted a few pension companies here about transfer from another EU state and they are not very experienced in dealing with these types of transfers so it looks like its not very common here.

I found (one!) company who would be willing to accept transfers from a very selective list of Irish pension funds, and Mercer was not of them. So was thinking maybe transfer it into a PRSA would make it more 'moveable'

Merowig

What is your home country if I may ask?

I don't believe the 1k charge is worth transferring to a prsa - worst case you keep it in Ireland.

ceroc81

It's Sweden, so thats also one of the reasons for moving it here to avoid currency-exchange risk.

The J Stands for Jay

Don't move it to a PRSA, you'll be giving yourself a tax bill if you transfer abroad from one.

Merowig

The UK has a list of 7 approved QROPS in Sweden

https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications#sweden

If not already done you can check with them if they would accept as well transfers from an Irish OPS.


If it would be a PRSA you could have transferred it to Malta - where you can hold it afaik as well in SEK!
Though with an Irish OPS you can normally transfer it only to another OPS abroad afaik.