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Pension questions from Irish lad in UK

  • 26-06-2019 8:59am
    #1
    begsbyOnaTrain
    Closed Accounts Posts: 272 ✭✭


    Hi guys, I'm an Irish citizen living in the UK. Prior to moving here I built up a private pension (with Irish life). Unfortunately it looks like it's one of those which doesn't have UK approval to be transferred here so I've got some questions.

    1 - At what age can you access your private pensions in Ireland? In the UK it's 55 (soon to be 58) but I can't find a single answer for what's the deal in Ireland.

    2 - Assuming that I can't transfer it in the next few decades, how would the whole tax on withdrawals work? Given that I wouldn't be an Irish tax resident.

    Sorry or the kind of vagueness on this, there just isn't much online about this kind of situation. Thankfully there's no rush, but I'd like to know.


Comments

  • #2
    jimmy456
    Registered Users, Registered Users 2 Posts: 90 ✭✭jimmy456


    1- Access from age 50 for Occupational Pensions or 60 for personal pensions.

    2- It doesn't matter where you are resident. Irish source income will always be taxed in Ireland. There maybe some way out of Irish tax under a DTA if the income was a pension annuity but not for ARF income. In that case you would pay the tax in the UK if you were still there.

    Could you move the current pension to a pre approved pension in Ireland in advance of a move to the UK?

    Also bare in mind the UK have a lower lifetime allowance than Ireland of 1 million so maybe better off leaving it here in case the pension would use up that threshold. Not sure how that would work in the UK but its the first thing id check with a UK advisor


  • #3
    begsbyOnaTrain
    Closed Accounts Posts: 272 ✭✭begsbyOnaTrain


    First off thanks for answering. My pension was through an employer (and with Irish Life) so that counts as occupational... right?
    Could you move the current pension to a pre approved pension in Ireland in advance of a move to the UK?

    I had thought of this but given that I'm not resident in the country, I imagine this would be not doable? But I haven't looked into it, thanks for reminding me.
    Also bare in mind the UK have a lower lifetime allowance than Ireland of 1 million so maybe better off leaving it here in case the pension would use up that threshold. Not sure how that would work in the UK but its the first thing id check with a UK advisor

    That's something I haven't considered. Cheers.


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