Hi
I wonder if anyone can help.
I am 58 and have an occupational (Defined Contribution) pension with a main Irish pension provider.
I worked in the UK many years ago and have 2 very small private pensions valued at £7,000 and £12,500 respectively. The annual pension from these will be insignificant and I would like to either cash them in or transfer them to my main Irish based pension fund.
I am working currently and plan to retire at 65 years. I pay tax at the marginal rate.
Should I cash the pensions in now, take 25% tax free lump sum and pay tax on the remainder? Will the tax paid be paid on my Irish income or UK (zero) income?
Alternatively, should I wait until I retire, and cash out the funds, and pay tax at the rate applied to my very much reduced retirement income.
Is transferring the UK to my Irish pension fund a viable alternative, or will the fees charged be prohibitive?
Many thanks in advance for your assistance.
LT
I wonder if anyone can help.
I am 58 and have an occupational (Defined Contribution) pension with a main Irish pension provider.
I worked in the UK many years ago and have 2 very small private pensions valued at £7,000 and £12,500 respectively. The annual pension from these will be insignificant and I would like to either cash them in or transfer them to my main Irish based pension fund.
I am working currently and plan to retire at 65 years. I pay tax at the marginal rate.
Should I cash the pensions in now, take 25% tax free lump sum and pay tax on the remainder? Will the tax paid be paid on my Irish income or UK (zero) income?
Alternatively, should I wait until I retire, and cash out the funds, and pay tax at the rate applied to my very much reduced retirement income.
Is transferring the UK to my Irish pension fund a viable alternative, or will the fees charged be prohibitive?
Many thanks in advance for your assistance.
LT