Irish Life Buy out Bond - options for UK resident

R

RogerT

Registered User
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I worked for a number of years in Eire and contributed to the company pension scheme. I returned to the UK a number of years ago and a short while after I left the company scheme was wound up and my contributions were used to buy a Personal Retirement Bond.

I'm now beginning to consider my retirement options but have no idea what I can do wuth the PRB. I don't have any connections with Ireland anymore and don't have an irish bank account!

Any advice gratefully received.
 
You should get a copy each year of what the Bond is worth.If not write and request one.
There would be no problem turning said Bond into a small pension, nor would you have big issue transferring said pension into a Uk account or opening an Ire account to receive it.
If you are close to 65 , a bond of 22,000 will buy circa 1,000 pension.(rough guide)
If you have paid contributions for 10 + years in Ire , you would get a part Roi Contributory pension.(from 66)
If you have paid contributions for 10 + years in Uk , you would get a part Uk Contributory pension.
If you are paying into Uk comp pension , you will get pension from that.
...............................................................................................................................
If you give more info on ;
1.your age.
2. How long you worked (paye?) in Ire.(can probably buy in to get nuff contributions for smallstate pension)
3. How long you are working in Uk.(I presume you have nuff years to get some state pension)
4. Have you UK company plan?

There are some very knowledgeable posters to help you on AAM.
 
Gerry Canning said:
You should get a copy each year of what the Bond is worth.If not write and request one.
There would be no problem turning said Bond into a small pension, nor would you have big issue transferring said pension into a Uk account or opening an Ire account to receive it.
If you are close to 65 , a bond of 22,000 will buy circa 1,000 pension.(rough guide)
If you have paid contributions for 10 + years in Ire , you would get a part Roi Contributory pension.(from 66)
If you have paid contributions for 10 + years in Uk , you would get a part Uk Contributory pension.
If you are paying into Uk comp pension , you will get pension from that.
...............................................................................................................................
If you give more info on ;
1.your age.
2. How long you worked (paye?) in Ire.(can probably buy in to get nuff contributions for smallstate pension)
3. How long you are working in Uk.(I presume you have nuff years to get some state pension)
4. Have you UK company plan?

There are some very knowledgeable posters to help you on AAM.
Click to expand...


Wow!!! Thanks very much. This is more concrete information than I've received over 2+ years of asking - banks, IFA's (UK) etc.

I'm 59 (60 in November)
I worked about 3 years in Eire and paid into PRSA, I've a record of my contributions.
Worked most of my adult life in the UK (3 years in another European country). I've checked and am eligible for full state pension in the UK
I've got several pensions and am currently contributing to a final salary scheme in the UK.
 
You can give Irish Life a call on +353 (0)1 704 1010.

There should be no problem in transferring the benefits across to the UK (although the timing isn't great now with the exchange rate). I transfer pensions from the UK to Ireland all the time. It's not that difficult.


Steven
www.bluewaterfp.ie
 
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