pension for here and uk

gar123

Registered User
Messages
298
hi there,

i may be moving to uk in next couple of years and considering starting a pension ( im 29 just married no cash! )

if i start one here is it best to go for a personal one and can i transfer it to uk and pay into it there?


thanks
 
Don't know which type of pension plan would best suit your needs as don't know your circumstances.

However, there is no problem transferring a pension fund from Ireland to the UK.

The UK administrator will need confirmation that Irish scheme/plan has QROPS status (Qualifying Recognised Overseas Pension Scheme) before the transfer can go ahead.

A current list of schemes/PRSAs/PRBs/PPPs that have QROPS status can be found on the HMRC website http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm

If your scheme is not on the list you can ask your provider to apply to HMRC for QROPS status.



From an Irish perspecive

The Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations 2003 (S.I. 716 of 2003) contain the requirements that must be adhered to prior to an overseas transfer being effected under section 34(2) or 124(2) of the Pensions Acts.

The following is a summary of those requirements:
1. The trustees or PRSA provider are required to obtain written confirmation from the trustees, custodians, managers or administrators of the overseas arrangement, to which the transfer is to be made, to the effect that the overseas arrangement provides "relevant benefits" within the meaning of section 770 (1) of the Taxes Consolidation Act, 1997, and
2. The trustees or PRSA provider must be satisfied that the overseas arrangement is approved by an appropriate regulatory authority for the country concerned, and
3. The trustees or PRSA provider of the Irish arrangement must obtain from the member of the arrangement or the PRSA contributor wishing to make the transfer such information as may be approved by the Pensions Board.
While the Pensions Board has not to date approved any information in respect of paragraph 3 above, this does not deprive the Regulations of their effect.
 
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