I am 52, based in Ireland but worked in the UK for 8 years in my thirties. I have a SIPP with Hargreaves Lansdown worth ~€190k self invested in US tech shares and I pay £200 a year in fees, they screw me on the exchange rate when I trade but I tend to hold for 5+ years, so not much trading. I also have a number of Irish pensions (2 PRBs, a PRSA and Master Trust Company Pension from a former Tech employer) with a combined pot of €1.1m, and I will hit the standard rate threshold before I reach 60, and will be establishing an ARF. My question is as follows:
1. What do people do typically with their UK SIPP in my kind of circumstances, do they transfer it to Ireland at some point (the fees here look to be significant, in the order of 5%) and put it into their ARF with their other pension funds? I know this doesn't impact your pension cap calculation and is mostly done to simplify admin.
2. Does anyone have any insights into how I could leave it in the UK, and draw it down as early or as late as required. Could I drawdown some funds when I hit 55 using the 25% tax free element, and then leave the rest in the UK until I retire and access it as needed, paying into a UK bank account. I know I will pay UK tax and have to claim it back/do an Irish return, and that its all taxable.
Curious for peoples views on this.
1. What do people do typically with their UK SIPP in my kind of circumstances, do they transfer it to Ireland at some point (the fees here look to be significant, in the order of 5%) and put it into their ARF with their other pension funds? I know this doesn't impact your pension cap calculation and is mostly done to simplify admin.
2. Does anyone have any insights into how I could leave it in the UK, and draw it down as early or as late as required. Could I drawdown some funds when I hit 55 using the 25% tax free element, and then leave the rest in the UK until I retire and access it as needed, paying into a UK bank account. I know I will pay UK tax and have to claim it back/do an Irish return, and that its all taxable.
Curious for peoples views on this.