Even if the pension company are inclined to allow the transfer they'll worry that they're breaching regulations and are in line for trouble. This is the effective Revenue practice of getting others to their work for them.the Revenue Commissioners (the “Revenue”) who said that it was for Canada Life to determine whether to accede to the request, having regard to the Transfer Regulations and, in particular, the requirement that the transfer be for bona fides reasons.
My friend's pension will be tax free for 10 years. That includes the 3 yr claw back by Revenue. He is a Portuguese resident now. Only applies to non state or public sector pensions AFAIK. Pretty sure he has not moved any funds away from Ireland.Following on from Slim's post above, does anyone know the rules in relation to retiring in Portugal. Specifically, if you are a "new" resident there:
- is pension income tax-free?
- does it matter what sort of pension it is (occupational, annuity from self-employment, state pension, deductions from ARF, etc?)
...............Thanks for your replies.
Slim - can you elaborate on what the 3 yr claw-back means precisely please?
SBarrett - Steven, firstly my question specifically relates to Portugal. Do you know the relevant rules in relation to my query earlier and if so, what are they? If you do not, I believe that any advice you give to your clients may be incomplete as you may be closing off an attractive option to some people simply because it's outside your area of expertise?! In other words, can you please explain the precise legal or taxation reason for your comments? What specific risks is somebody in receipt of an occupational pension who decides to reside in Portugal facing?
SBarrett - Steven, firstly my question specifically relates to Portugal. Do you know the relevant rules in relation to my query earlier and if so, what are they? If you do not, I believe that any advice you give to your clients may be incomplete as you may be closing off an attractive option to some people simply because it's outside your area of expertise?! In other words, can you please explain the precise legal or taxation reason for your comments? What specific risks is somebody in receipt of an occupational pension who decides to reside in Portugal facing?
Following on from Slim's post above, does anyone know the rules in relation to retiring in Portugal. Specifically, if you are a "new" resident there:
- is pension income tax-free?
- does it matter what sort of pension it is (occupational, annuity from self-employment, state pension, deductions from ARF, etc?)
Thanks for your replies.
Slim - can you elaborate on what the 3 yr claw-back means precisely please?