Leaving job, under 2 years. Can I bring one of my UK pensions over to Ireland to top up my 'time' to keep employer's contributions?

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Byrnesy2

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Hi,

I've been told different opinions on this and would like to get some advice from people on this topic.

I am in negotiation to join a new job but I am approx. 20 months into my current job. I'm told I will lose the employers contributions to my pension because it is under 2 years.

I was told by my pension provider that I can top up my current Irish DC pension with a UK DC pension. (I used to work in the UK for 5 years). I've to fill out some forms for an overseas pension transfer from one of my UK pensions to my current pension before I leave. When I fill this out I was told the 'pensionable time' will top up my current pension here in Ireland and therefore I can keep the employer's contributions.

I've had diff opinions on this, one from a financial planning place - they say be careful with transfers and that I CAN'T do this as they are totally diff plans / pensions and that it will cost 6k for certificate. They recommend leaving the pension in the UK.

Any thoughts on this, anyone?

Thanks
 
You can only transfer from a UK pension scheme into an Irish pension scheme if the Irish pension scheme is on the list approved by HMRC known as the QROPS list. The list is here. Is your current employer's pension scheme on this list? If not the idea is a non-starter.

As a separate issue, have you looked into buying years in the UK State Pension system? There's a whole section on Askaboutmoney about that here.
 
A-ha they're not on it! So non starter so.. Strange that my current pension provider, who is Mercer, said it's ok to do that. I must give them a call tomorrow to let them know as it's bad advice.

Yes, looked at buying years for the UK state pension. I have the form ready to go just wanted to sort the DC pension first.

Thanks @LDFerguson
 
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