Bringing Your UK Pension Home

Do you have a pension fund and entitlements sitting in the UK? Are you living in Ireland? Are you Irish and relocated back to Ireland? Are you British and moved to Ireland? Would you like to tidy up your affairs in the UK and transfer your pension to your complete control in Ireland?

Ellison Financial specialise in transferring UK pensions to Ireland for clients who have relocated back to Ireland, and for UK citizens moving to Ireland. We make it easy for you, as we handle all the administration, application, legislation, and correspondence for you, and hence we look after all the hard work. Contact us for more details.

What are the Benefits?
By transferring your pension fund to Ireland you could gain on your fund from the beneficial differential in currency rate situation by about 112% at this time. This benefit of around EUR:1.12 to the £1sterling may not continue. The UK exchange rate was greater fifteen years ago.

Under the new Irish pension legislation and uK Pension legislation now available you may or may not gain greater flexibility, and access to your pension fund in Ireland than that available under UK pension legislation, where often your options are encashment (full tax payable) or purchasing an annuity. In Ireland you have the options, including obtaining your pension in cash (which may be subject to tax), and/or Pension investments, subject to various terms & conditions.

Ellison Financial Consultants can make the reciprocal arrangement of pension transfer between the UK & Ireland work for you and effect transfer of your pension fund to Ireland into your control. 

What Should You Consider Before Making a Transfer?
There are three types of pension plan that you may have in the UK: -

Personal Pension Plan. These plans comprise personal pension plans that you may have taken out whilst working in the UK. Here you already carry the investment risk. A transfer to an Irish Plan ensures that you now control your own pension fund that you have saved.

Defined Contribution Plan. These plans comprise personal pension plans and Group and Executive Schemes. Similarly, here you already carry the investment risk but not necessary the control. A transfer to an Irish Plan ensures that you now control your own pension fund that you have saved.

Defined Benefit Plan. These are usually part of large Group Schemes. Firstly, you need to be sure that you are satisfied with the transfer value on offer. We can check into this for you. Remember you will now carry investment risk if a guaranteed pension is given up. However, you would benefit from now being in control of your pension, gaining the choice of investment fund.

What Type of Plan Can I Transfer Into?
Your Irish Private Sector Company Pension Scheme can accept a UK transfer. Alternatively, you can transfer to an Irish Buy Out Bond in your own name, where you and not the trustees control the Scheme.

Alternatively, if you have a personal pension fund in the UK and are currently self-employed in Ireland, you could transfer your UK pension into an Irish personal pension plan in Ireland - as a lump sum addition.

If you don't have a pension plan in Ireland, we can set one up for you to transfer into.

Transfers from the UK to Ireland are carried out using the QROPS approved legislation. Transferred into a Qualified Recognised Overseas Pension Scheme.  Approved by Revenue in both the UK & Ireland. 

What is a Buy-Out Bond?
Transfer from the UK to an Irish Buy-out Bond is a replacement scheme in your own name, very similar to the PRSA model and possibly with more flexibility with access to your pension fund which might be available from age 55.

Are There any Problem Areas?
Difficulties may arise in relation to guaranteed minimum benefits and often UK State related contracting out matters. However, skilled pension practitioners in this area, such as ourselves, will normally be able to overcome these obstacles on your behalf and effect the transfer within a few months period.

Ellison Financial Consultants are able to advise and effect pension fund transfers from the UK to Ireland, both for individuals and Companies, and provide you with an ongoing pension advisory service following this.

For further information regarding transferring your UK pension fund to Ireland please contact us.

Example of UK Transfer

UK
     
IRELAND
     
In 10 years
    
£100,000 in Sterling
----->
Ellison Financial enable transfer
----->
EUR:112,000 Fund
----->
Bond or pension lump sum
----->
EUR138,305 
Transfer value Pension Fund
     
Approx. 112,000 euros on transfer from Sterling to Euro
 
Investment vehicle with QROPS Qualified Irish Assurance Company
 

EUR:138,305 assuming 4.1% p.a. pension fund growth

All UK to Ireland pension transfers are subject to UK & Ireland Revenue & Assurance Company pension legislations, QROPS legislation, terms and conditions apply.

Changes in currency exchange rates may have a positive effect or adverse effect on the future value, price or income of UK pension products.

All pension fund values are not guaranteed and may go down aswell as up. 

Contact Details

Telephone 01 - 8038105 / 8038106  Mobile: 087 258 9894
43 The Dunes,
Portmarnock,
Co. Dublin,
Ireland
 
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