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Irish Pensions Transfers | What are your options?

By David Hattersley
This article is published on: 25th January 2022

Over the years there has been an ebb or flow of people between the UK, Ireland and also the EU/EEA. There is a strong link due to the common language between the UK and Ireland, with workers moving between both countries. There is a large Irish community in the UK from those who emigrated due to the high unemployment and lack of opportunities in Ireland for many years. Two things changed that trend: joining the EU in 1973 and the subsequent “Celtic Tiger “, which reversed the trend with Ireland becoming a net destination of immigration. It also has led to a change in demographics and the advent of multi-culturalism. However, the boom collapsed, for many reasons, and Ireland fell into recession in 2008, after their banking crisis. Irish youngsters then emigrated to Australia, the UK and elsewhere, to pursue careers or a better way of life.

As the world began to recover from the banking crisis and confidence was returning, the Covid pandemic hit the world. The ensuing restrictions created job losses in the retail, leisure, tourist and airline industries. There are still concerns over the unresolved issues of Brexit and the emergence of Omicron, but despite this Ireland has managed to stage a recovery on the back of the activities of multinational companies, financial services and supported by a domestic recovery, as reported by European Commission’s autumn economic forecast in 2021.

Irish Pensions Transfer

There are many advantages to travelling – one’s perspective changes. But after moving abroad to live, work or retire you might find yourself with pensions scattered across different countries.

So when should you consider an Irish Pension Transfer? If you no longer reside in Ireland it is possible via a Malta based QROPS, provided certain criteria are met. Detailed below are some points to consider.

  1. You have accumulated defined contribution pension plans in both the UK and Ireland
  2. You have an Irish defined benefit scheme and you may be restricted by the trustees as to when benefits are taken, or their choice of investments
  3. You are unhappy with the choice of fund offerings or selections
  4. You wish to diversify the currencies of the assets
  5. You wish to “mix and match” different quality fund managers and their styles, with the ability to change these within the wrapper
  6. You may want to take retirement benefits earlier, between 50 and 60
  7. You need flexibility when taking pension income benefits and to be able to vary these according to your needs or change in circumstances, e.g. taking benefits after redundancy, and then gaining new employment or an alternative career
  8. Malta has a wide range of Double Taxation Agreements (DTA) in force whereby pension income is payable gross automatically and is assessable in the country of tax residence

A full assessment of your needs will of course be carried out to ensure that your objectives can be met, so feel free to contact me on my email below to start the process.

Article by David Hattersley

If you are based in the Costa Blanca area you can contact David at: david.hattersley@spectrum-ifa.com for more information. If you are based in another area within Europe, please complete the form below and we will put a local adviser in touch with you.

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