Company pension - but now live overseas

F

fitzy73

Guest
Hi, wonder if anyone can help me with this query.

I am Irish, but moved to the UK about 4 years ago. Prior to that, I had my own limited company in Dublin, but was the only employee. As part of reducing my tax bill, I invested approx £3k in a company pension in about 2000.

I've recently received some documentation from Lifetime, telling me the pension fund is now worth approx €4k. Given that that would yield me approx €34 a month when I retire (!!), I contacted Lifetime to see if I could transfer the pension or cash it in.

To my amazement, they not only told me I can't transfer or cash in the pension, but that, as my company in Ireland is now closed, I can't add to the pension ever again.

Surely they can't be right? Or will I just have to wait till 65 for my €33 a month??
 
fitzy73 said:
To my amazement, they not only told me I can't transfer or cash in the pension, but that, as my company in Ireland is now closed, I can't add to the pension ever again.

Surely they can't be right? Or will I just have to wait till 65 for my €33 a month??
Click to expand...
As a general rule, you can't cash in any pension. It is intended as saving for your retirement. There are some limited circumstances (serious ill-health, very short employment) where you can cash out, but these don't seem to apply to your case.

I'd be surprised if you didn't have the option to transfer your Lifetime pension into a 'buy out bond' which is invested on your behalf until you retire. Ask them again about this?
 
There are reciprocal pension agreements between UK and Ireland, so you may be able to transfer your fund into a UK pension scheme, if you're now a member of one. But get the scheme consultants in the UK to advise you on whether or not this would be the right choice for you.

Liam D Ferguson
www.prsacentre.com
 
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