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Transferring my pensions to another country.

  • 17-03-2020 8:50am
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭


    I left Ireland a year ago and now live in the middle easy where it is tax free.

    I have a pension which I've had for quite a while. Since I left I can no longer contribute to it. I'm thinking of transferring it out here so that I can continue to contribute to it.

    Is this easy to do or anything I need to know before I do this?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Your pension fund in Ireland is also tax-free in that it pays no tax on capital gains and dividends. So if I was you, I'd leave it here. Unless you envisage never returning to live in Ireland. Chances are that moving it will attract all sort of 'administrative' charges and commission for middlemen.


  • #3
    micosoft
    Registered Users, Registered Users 2 Posts: 2,364 ✭✭✭micosoft


    Zascar wrote: »
    I left Ireland a year ago and now live in the middle easy where it is tax free.

    I have a pension which I've had for quite a while. Since I left I can no longer contribute to it. I'm thinking of transferring it out here so that I can continue to contribute to it.

    Is this easy to do or anything I need to know before I do this?

    It can be doable in the EU/Eurozone, not outside that. TBH I'd just leave it in place rather than move. A lot of trouble and potential cost for little benefit.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,360 Mod ✭✭✭✭Jim2007


    Zascar wrote: »
    I left Ireland a year ago and now live in the middle easy where it is tax free.

    I have a pension which I've had for quite a while. Since I left I can no longer contribute to it. I'm thinking of transferring it out here so that I can continue to contribute to it.

    Is this easy to do or anything I need to know before I do this?


    Within the EU/EEA/CH there are procedures for doing this kind of thing to some extent. And more importantly procedures to regulate the people involved.


    Outside of that there are some firms offering to transfer pensions over sees, but they will take a very big bite out of your fund for the privilege of doing it.


    I don't see any need for you to do this.... just start another one where you are and continue. Some would argue that in fact it is a good idea to have it spread around a bit.


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