Hi all,
I have been contributing to a pension fund (Lifesight) in the UK for approx. 12 years.
I have now returned to Ireland and have a new company pension with Irish Life.
I would like to transfer my pension to Ireland to mitigate against sterling currency fluctuations going forward and to create a more risk adverse pension on retirement.
There seems to be only one option to use the QROPS system to transfer my pension to ROI and that is with Standard Life, however, there is a stipulation that I leave the pension in the fund for at least 10 year. As I am 55 years of age, and don’t like the idea of being tied to 10 years without access to my funds if I were to need them.
The LifeSight UK pension said that due to my age, I can withdraw all of my funds from the pension fund.
My question is, if I were to withdraw my funds in Sterling (I have a UK bank account), then what are the best options to maintain a good pension with these funds. I do not intend to retire until age 65 (or though that could change). Should I transfer my funds to Ireland and then simply add it to my Irish Life pension? Is that possible.
Any advice would be appreciated, thank you.
I have been contributing to a pension fund (Lifesight) in the UK for approx. 12 years.
I have now returned to Ireland and have a new company pension with Irish Life.
I would like to transfer my pension to Ireland to mitigate against sterling currency fluctuations going forward and to create a more risk adverse pension on retirement.
There seems to be only one option to use the QROPS system to transfer my pension to ROI and that is with Standard Life, however, there is a stipulation that I leave the pension in the fund for at least 10 year. As I am 55 years of age, and don’t like the idea of being tied to 10 years without access to my funds if I were to need them.
The LifeSight UK pension said that due to my age, I can withdraw all of my funds from the pension fund.
My question is, if I were to withdraw my funds in Sterling (I have a UK bank account), then what are the best options to maintain a good pension with these funds. I do not intend to retire until age 65 (or though that could change). Should I transfer my funds to Ireland and then simply add it to my Irish Life pension? Is that possible.
Any advice would be appreciated, thank you.