Move Pension pot abroad ??

F

Fisherman

Registered User
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With everything we hear these days relating to freedom of crossborder activities within the EU......... I am wondering would it be possible, on retirement, to take my pension pot to another EU country in search of a better return on the pension value.
 
I would be extremely careful about this.

There are many scammers abroad targeting people like you. They get the pot of money abroad, but have huge costs which wipe out any benefit.

Brendan
 
Scammers aside Brendan, and assuming all would be kosher ...... For the moment I'm just wondering is it allowed under Irish pension rules....50% of my total pension will be from a deferred UK pension... Merchant navy pension to be exact...The MN pension value held up very well all through the downturn and the value is nowin payment with a reputable UK ins co. .............my Irish pot is with my current employer pension scheme.
 
Fisherman said:
The MN pension value held up very well all through the downturn and the value is nowin payment with a reputable UK ins co. .............my Irish pot is with my current employer pension scheme.
Click to expand...

Are the both invested in the same type fund and the UK one has done better? Or are they two completely different types of funds, with different asset mix and different mandates?

If it did well through the downturn, it most probably has a high bond content.


Steven
www.bluewaterfp.ie
 
It amazed me in 2008 when, like all our Irish pension funds, the value nosedived. Yet the value of my, then deferred , UK MNOPF pension value held up...may have been as it was so close to drawdown it was in cash funds.. It increased very little over the next 4 years....
Coincident to my original post, there was an item in The Sunday Times this week referring to the subject of pension transfers and the Revenue comments re same. (front page Business sect).
 
Fisherman said:
It amazed me in 2008 when, like all our Irish pension funds, the value nosedived. Yet the value of my, then deferred , UK MNOPF pension value held up...may have been as it was so close to drawdown it was in cash funds.. It increased very little over the next 4 years..
Click to expand...

Well a quick look at the documentation seems to suggest that it was some kind of DB pension, so there really should not have been much of a change!

However it is also worth considering that due FX rate movements it fell about 7% on average and as much as 30% on some occasions! Thus had you been drawing the pension from Ireland there would have been times when you'd have seen large chunks of it disappear in the conversion - not a very pleasant situation for someone on a fixed income!

Moving a pension abroad is not something to be taken with ease.
 
Fisherman said:
It amazed me in 2008 when, like all our Irish pension funds, the value nosedived. Yet the value of my, then deferred , UK MNOPF pension value held up...may have been as it was so close to drawdown it was in cash funds.. It increased very little over the next 4 years....
Coincident to my original post, there was an item in The Sunday Times this week referring to the subject of pension transfers and the Revenue comments re same. (front page Business sect).
Click to expand...

So it's the asset class you are invested in and not actual physical location of the fund manager that lead to the difference?


Steven
www.bluewaterfp.ie
 
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