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Yikes - scary pension terminology - PENSION BENEFIT CRYSTALLISATION EVENT??

  • 07-05-2020 7:06pm
    #1
    cute sheep
    Registered Users Posts: 7 ✭


    Hi there. I am looking for some advice please. My husband is retiring in 7 weeks from a County Council and the HR team have forwarded him forms to complete relating to his pension. This has something to do with PENSION BENEFIT CRYSTALLISATION EVENTS but I don't fully understand what that is?

    In the one question it's asking him to make a declaration that after 7/12/2005 (1) did he become entitled to any pension benefits other than the one to which these forms apply, and (2) if the answer is yes, has he directed that payment or transfer be made to an overseas pension arrangement. He has a very small pension in South Africa that is also coming due so that would be a YES to question 1 and possibly a yes to question 2 because he intends to arrange for it to be paid from SA to Ireland, but I don't believe that is the purpose of this question and may muddy the waters irreparably.

    I don't ever want to misrepresent ourselves on an official form but I am a bit confused about this.

    Thanks so much for any advice you can give us.


Comments

  • #2
    EverythingGood
    Registered Users, Registered Users 2 Posts: 2,003 ✭✭✭EverythingGood


    Best thing to do is to get independent financial advise from a proper financial adviser. Check the Central Bank's website for ones in your area.


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


    The point of this declaration is to ensure that tax is charged on any pension fund (or fund equivalent) that is greater than €2million.

    It's best to talk to your financial advisor about this, but of you're near that limit the advisor should be all over it already.


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