Q. I worked in the UK for 24 years returning in 2012. Aged 48 years, I am currently gainfully employed and wonder can I now bring my UK pension back here ? It is worth c. £ 235,000 ( c. € 279,760 ) and what can I do then with it ? Peter – Clontarf D 3
A. Thanks Peter, yes you can repatriate your pension but like everything else there are rules and regulations. The first issue is you have to be domiciled here for at least 5 ( only in one insurance company’s case ) to 10 years while secondly you must not require access to your benefits for 5 years AFTER the transfer has been completed. You also must intend remaining a tax resident in Ireland for 5 years AFTER you have accessed those benefits. You will need an options letter from the UK insurance company plus a document called Qualifying Recognised Overseas Pension Scheme (QROPS) ’s members information form – APSS263.. it is on the HMRC site. Your sterling fund is then converted to euro and you can access this generally from age 50 but in your case it will be 53 when you can take 25% of your fund tax free and invest the balance in an ARF or an annuity but that’s another day’s work. Death benefits are better in Ireland than in the UK – you can pay up to 73% of your assets in death duties there. You will of course be exchanging to euro so you are subject to the vagaries of the currency rate but you will have more control by transferring now.