UK pension transfer

R

Rob McCormick

Registered User
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I have two personal pension plans in the UK not paid into for 12 years. I am now living in Ireland the last ten years. I would like to know can I transfer these pensions (about 100000euro) into one buy out bond? Also as I am now 50 would I be able to access the 25% cash lump sum? If so any idea how long the transfers would take?
Thank you.
 
Hi Rob

There have been lots of changes to legislation regarding the transfers of pensions out of the UK.

  1. With the introduction of the pension freedom rules a few years back, the earliest you can access a UK pension is age 55. This applies to pensions transferred to Ireland.
  2. In the last UK Finance Act, you have to have left the UK for 10 years before you can transfer benefits out (used to be 5). You are alright on this front.
  3. Again, in the last UK Finance Act, any pensions that are transferred to another country have to be held in the pension product for 5 years before they can be drawn down. So if you want to access the money at the earliest date of 55, you'd want to get moving on transferring it across.
The transfers will take a few months to get in place as there is an incredible amount of paperwork involved, both with the UK life company and HMRC. I have found the UK life companies to be very slow to do anything so they tend to delay everything.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
SBarrett said:
Hi Rob

There have been lots of changes to legislation regarding the transfers of pensions out of the UK.

  1. With the introduction of the pension freedom rules a few years back, the earliest you can access a UK pension is age 55. This applies to pensions transferred to Ireland.
  2. In the last UK Finance Act, you have to have left the UK for 10 years before you can transfer benefits out (used to be 5). You are alright on this front.
  3. Again, in the last UK Finance Act, any pensions that are transferred to another country have to be held in the pension product for 5 years before they can be drawn down. So if you want to access the money at the earliest date of 55, you'd want to get moving on transferring it across.
The transfers will take a few months to get in place as there is an incredible amount of paperwork involved, both with the UK life company and HMRC. I have found the UK life companies to be very slow to do anything so they tend to delay everything.


Steven
/QUOTE]
Thanks for the reply. Is possible to take a lump sum and pay tax on this? Any sort of lump sum would be a real help?
Thanks
Click to expand...
 
Last edited:
As far as I am aware if you take the money out within the 5 years you pay tax at 25%.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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