# Taking Pension money abroad



## Curly (15 Jun 2003)

I have an occupational pension. The company is currently offerring me a very good Voluntary Severance package. If I accept I would plan to move abroad.

My pension can either be left and deferred or be transferred into an 'approved' scheme.

My question is this; can I set up my own company, create an 'approved company pension scheme', and then transfer the pension into it, thus allowing me to take my pension abroad with me?


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## rainyday (15 Jun 2003)

Hi Curly - I'm not clear on your question. Are you trying to get access to your pension money before you reach retirement age?


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## Curly (15 Jun 2003)

*Pension*

Not necessarily rainyday, just aiming to put it outside the grasp of a bitter ex wife.


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## rainyday (15 Jun 2003)

Hi Curly - I'd guess that that would be a very specialist area requiring expert professional advice. Common sense would tell me that Revenue and/or pension trustees would not permit transfer of pension funds to a company which you have just created in the manner you describe.


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## Curly (15 Jun 2003)

*Pension*

Thanks rainyday, I am already seeking that advice. 

Just to clarify...17 years separated, I've paid my dues every month per the separation agreement, but she cut me off from my kids. The prospect of her depriving my partner of 10 years from any pension money whatever is a sickener.

Anyone else have any advice?

In the event of Divorce how would the courts decide on her benefit? Are there any fixed rules on this at all or is it arbritrary and up to the beak on the day?


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## Conan (16 Jun 2003)

*Transfer abroad/Divorce*

In theory you could possibly transfer the Irish fund into an equivalent arrangement abroad. In reality whilst this is very possible in terms of a transfer to the UK, a transfer elsewhere is much more problematic (need to seek Revenue approval).
In relation to your second point (separation/divorce), if you go for a divorce one of the elements of the settlement could be a Pensions Adjustment Order, whereby your wife seeks a share of the pension you earned during the period of your marriage. That share would be decided by the Courts (unless you both agreed a settlement between you) based on the case presented. Otherwise as things stand (no divorce) your wife might be entitled to any widows element from your pension on your death (as marriage legally continues to exist).
If you continue with a Judicial Separation, your wife could continue to have an interest in your pension fund (if only to the extent of any death benefits).
If you go for a Divorce, your wife's share of your pension fund (if any) depends on what provision is made for her and the children. If your wife wants a share, she would have to seek a Pensions Adjustment Order as part of the Divorce. What share is granted by the Courts would depend on the overall structure of the financial arrangements.
This is a complicated area needing specialist advice.


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## ClubMan (16 Jun 2003)

*Re: Transfer abroad/Divorce*

On the general issue of separation/divorce the  might contain some useful information, particularly in relation to pensions.


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## Curly (16 Jun 2003)

*Separation and Divorce*

Conan you say she can apply for a part of my pension 





> .....whereby your wife seeks a share of the pension you earned during the period of your marriage.



What if the 'marriage' is still existant (no divorce yet) but we actually split up years ago. Do her rights accrue for the whole period of 'the marriage' (until divorce) or do they stop accruing from the date we separated (or got a written separation agreement)?
I keep reading different interpretations of this...I think a lot of the confusion is down to sloppy language, such as 'when the partnerts split' instead of 'upon divorce'.

Clubman thanks for the link, a lot of good info there.


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## Conan (16 Jun 2003)

*Separation / Divorce*

Dear Curly,
The Courts will base the spouses portion of your pension on the "relevant period". Generally this is the time from the date of marriage (or date of joining scheme if later) up to the date of the decree. But Courts have discretion as to how they calculate the overall portion based on what other provision is being made for the spouse and children. So it can be a bit of a lottery.


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## Curly (17 Jun 2003)

*Lottery*

Thanks Conan. Somehow I think the word lottery is not quite correct. Perhaps 'Craps' would be more descriptive and the dice are loaded against me.


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## Conan (17 Jun 2003)

*Divorce*

To be fair, its not necessarily that the Courts tend to be loaded against one particular side. Rather its simply that they have so much discretion. In general if both sides can agree a solution and present it to the Court, that's the best strategy. But if it is left up to the Court to decide (in a disputed case), the result can a lottery (or Craps).


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