transfer of pension from uk

D

deem

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i moved from the uk to midlands recently and had been paying into a pension in uk for about 5 years, I dont think its worth much, but was wondering if i should look into transferring it to here, and continuing paying it or should i let it freeze in uk and just start a new one.

Also I registered with dentist and opted out of national insurance contirbutions in uk for two years, have been working there for 10 does this mean i dont get my paye benefits here , dentist, optician etc.

sorry to do a two in one, but just thought of second while i was doing first
 
I'm moving this to our pensions forum as the pensions experts tend to hang out round there.
 
You will have to freeze your pension in the UK, as you can only claim tax relief from net relevent earning in the state, you can also transfer your benefits to a pension here, however be prepared for it to take time, in some cases it can take up to 2 years to transfer. Are you entitled to a company pension here?


Catherine@keatingfinancial.com
 
Thanks

if you mean does my employeer provide a pension scheme or contributions, then the answer is - no, but then he doesnt do payslips either so not really surprised. I'm not going to be here for long anyway and am hoping the next employer is not such a disaster regarding those. I have actually frozen the pension in the uk, but I wanted to know what opinions if any any pensions experts would advise doing with it,

To leave it there frozen, until retirement (I am only 32)
or
To transfer it to personal pension here (I have not set one up yet, not that organised)

Thanks again
 
Hello Deem,


If it your intention to stay in Ireland until you retire, then you should tranfer this to a pension here, as you continue to pay changes and could find that your pension is going down in value eash year, as you are no longer making contributions to cover this, these changes are being deducted from your fund. You should also start your own pension as soon as possible, so there is no long breaks in contributions, just be prepared for the time it takes.

If its likely that you will be changing jobs in the future, you will be better of starting a PRSA, as this gives flexibility when it comes to stopping and starting, should you have the option to join a company scheme in the future. (however your current employer, should have an option in place at the moment, for you to take out a PRSA through your salary, he/she does not have to contribute, but the option should be there for you, as per current regulation)
catherine@keatingfinancial.com
 
I do intend to stay in ireland, and it was a pension with contributions from my previous employer, however it was with scottish widows so not a company pension as such?

Thanks for all the info, however I think i need to get a pension here first and then worry about what to do with it.
 
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