FAQ Transferring Pension Funds to Foreign based Schemes

[TheFatMan]

Hi

There are a few threads on this and Chapter 13 of the Revenues pension manual states clearly that a transfer can occur if the following conditions are met

(a) the member has requested a transfer
(b) the overseas arrangement provides relevant benefits as defined by Sec.770, TCA 1997.
(c) the overseas arrangement has been approved by the appropriate regulatory authority in the country concerned.

My question is has anyone got a framework outline for what what sec 770 outlines in terms of the minimum benefits that must be provided?

I'm a trustee for a fund that has a lot of potential members that dont join because they feel they wont be able to repatriate pension funds should they return home.

 

[boaber]

I don't believe the legislation states that there should be a minimum benefit.

The key part in point (b) is the term Relevant Benefit, which is interpreted in the Act as:

means any pension, lump sum, gratuity or other like benefit—


( a ) given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death, or


( b ) to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question,


but does not include any benefit which is to be afforded solely by reason of the death or disability of a person resulting from an accident arising out of or in the course of his or her office or employment and for no other reason