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UK Pensions

  • 14-03-2019 5:59pm
    #1
    Cameraman
    Registered Users, Registered Users 2 Posts: 479 ✭✭


    I have a question about 2 smallish pensions from my time working in the UK.

    One is a Defined Benefit and the other a Defined Contribution.

    Leaving aside any Brexit complications (!) I assume that at the retirement date, I can get the DB one paid to me here.

    However, what is the best option for the DC one - it's effectively a lump sum ? Ideally, I would like to get access to it as part of my long-term savings - to use as I wished. Is this possible, and how ?

    I may have to get some professional financial advice, but would like an idea of the options in advance (or useful links to read up on).

    Thanks.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    You can’t leave BREXIT aside if you are talking about a future pension situation because the EU directive underlying cross border pensions will no longer apply.

    You can assume you’ll receive your regular pension payments, but access to the capital amounts is anyone’s guess. Remember the U.K. had to introduce monetary restrictions in the past.


  • #3
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    The DC one can be transferred to an Irish pension under QROPS. The Irish pension rules are a bit more favourable. You'll only be able to access it from age 55, and once you've been out of the UK for 10 years.


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