UK pension

[Summer Haze]

Hi,

I worked in the UK from 1994 to 2004 and I have worked here in Ireland since. I have 2 small UK pensions pots from 1994 to date, which would return a combined value of £45000 now.
Am I correct that since 2004 there would no tax relief applied since I didn’t work in the UK? Also am I better taking the pensions over here and continue paying to avail of tax relief? Thanks

 

[NoRegretsCoyote]

Am I correct that since 2004 there would no tax relief applied since I didn’t work in the UK?

Tax relief is really only on the contributions you made when you were living and working in UK.

The growth in the value of the pots since is tax free no matter where you live (subject to correction but pretty sure on this).

 

[Marc]

UK Tax relief is available at source on contributions to a UK Stakeholder pension for 5 consecutive tax years after leaving the UK.

Additionally

Relief for migrant workers

There is a statutory scheme of relief for contributions paid by an individual who comes to the State and who wishes to continue to contribute to a pre-existing “overseas pensions plan” in another EU Member State. The legislation is in Chapter 2B of Part 30 (sections 787M – 787N) TCA. Relief is available for contributions paid on or after 1 January 2005 by a “relevant migrant member” who comes to the State and who wishes to continue to contribute to a preexisting “qualifying overseas pension plan” concluded with a pension provider in another EU Member State.

Obviously Brexit has now totally scuppered this in respect of UK pensions but it is still applicable for remaining EU countries