Any equivalent to QROPS in Ireland?

Is there a way to transfer an Irish pension fund to another pension fund in a different jurisdiction?

I've googled and found that it is possible from the UK as long as the receiving fund qualifies under a system called QROPS.

I drew a blank regarding transferring from an Irish pension fund.

There's no QROPS equivalent, but there is legislation in place to deal with this.

Have a look at Chapter 13 of the Revenue Pensions Manual [broken link removed]

And this Statutory Instrument http://www.irishstatutebook.ie/2003/en/si/0716.html

Thanks boaber - exactly what I was looking for.

I have experienced using QROPS recently transferring my husbands pension from the UK to New Zealand with great success. However I am now trying to transfer my Irish pension which must be transfered as the scheme is being wound up. The administrator's are saying that I cannot do this as I am not resident in New Zealand. I am resident in Greece and have been for 6 years. They say they will only transfer to my country of residence but have quoted this -

The overseas scheme is appropriately approved . This means that it must be a trust scheme, or set up under some system similar to a trust, which is resident in the same country as the employment in which the member now finds himself. This prohibits transfers to many EU countries where the concept of a trust is not common. Certain types of scheme do not qualify as transferee schemes, notably the German type book reserve schemes, unfunded schemes in general, and schemes in general where there might be access to the money prior to a minimum pension age (except in ill-health);

So basically, I think they are telling me that it must stay in Ireland (I think)

Can anybody please offer me advice, time is very limited as I have to respond with what I want to do by 10 May or they will transfer to the Default Personal Retirement Bond which is Irish Life Consensus Lifestyle Personal Retirement Bond.

In the first instance, you'd need to ask if the scheme trustees are willing to transfer the fund to a Greek scheme. I'm not an expert on overseas transfers but I suspect not as my limited knowledge of Greek pensions legislation is that it is not similar to ours.

If the transfer cannot be made to a Greek pension scheme, your remaining choices are to accept the default Buy Out Bond or choose a Buy Out Bond or (if you have less than 15 years service) a PRSA of your own choosing.

Liam D. Ferguson

Thanks Liam

Transfering to a Greek scheme is not really what I want to do at the moment for two reasons, one I don't trust them and two with the economic situation here.

I do have just under 15 years with the current scheme so PRSA is an option. When it comes to assessing the funds is that main difference between PRSA and PRB, that one you can assess at 50 and the other 60.

I'm 39 now and due to various reasons, my retirement money is very safe. This scheme I really want to access now or in the near future (as we have done with my husbands).

My last option is transfering to my employers scheme which is based in Ireland.

I'm really torn between what to do.

If this topic is still new - I have heard that a qualifying QROPS now exists - so for example if you have a deferred pension in Ireland from an employer and leave to work abroad. You in theory can transfer the pension to an overseas Fund (Malta has been approved) where you take personal ownership of the fund and - additionally - legitimately avoid the levy. Any body up to speed on this

Hi Fenian.
I've been making my own enquiries on a transfer for several months. Its a murky pool.
In the UK they've had the QROPs system several years now. I'm told it was a time limited mandate of EC Membership. Why doesn't Ireland have this same system yet? Depends who you ask, but I've heard anything from 'Ireland joined the EU after the UK so isn't mandated for several more years' through to 'Ireland got a deferral'.
I'm not sure who to believe.
I'm about to start the transfer process anyhow. I live outside the EU, so it may fail to work. I have identified a suitable major QNUPs Fund with a base in Guernsey and will try to transfer there.
Fingers crossed - I hope it works.
I'll let you know.

Hi Starbuck,
Any luck on the pension transfer? Ive emailed my pension officer and am yet to receive response.

QROPS are possible from Ireland. The problem is that the irish market is small. And typicially advisors are sales people and not consultants, so that they don't concentrate on solutions for clients. And as a nation we aren't financially literate and don't seek out or value good advice. I am in the process of doing this at the moment. And so I'm learning a bit more about the nuts and bolts of them.

Irish Pension transfers

Transferring of pensions from ireland is legally possible through the EU IORP's directive should you have a relevant reason to move it from Ireland.

In the UK it is extremely common to transfer your pension from a HMRC authorised pension scheme to another HMRC authorised scheme including scheme's outside of the UK. This is EU law but sometimes some pension trustees don't allow this as they want to hold on to these assets for the long term to boost their own profitability.