How to transfer a UK company pension

K

kelzer

Registered User
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Hi

I am looking to know how exactly I can go about transferring a UK pension that I have to my current Irish PRSA pension. My UK pension is with Clerical Medical and my Irish PRSA is with Eagle Star.

I remember trying this before but Eagle Star told me that I have to contact Clerical Medical first to start the process.

Who should I contact first and what exactly do I need to ask them?

Thanks
 
You need to contact Clerical Medical and ask them what their requirements are to transfer your fund over to your Eagle Star PRSA.

If you transfer the money into your PRSA it will be allocated a new policy number and will presumably attract a 1% annual management charge.

Depending on the type of plan you had in the UK and the amount transferring, you may be able to transfer it into a Personal Pension or a Buy Out Bond with Eagle Star instead with lower ongoing charges. Exactly the same Eagle Star funds, just lower charges. Talk to the person who sold you the PRSA about this.
 
You also need to ensure the plan you're transfering it to is approved as a QROPS (qualifying recognised overseas pension scheme) otherwise it won't be able to accept the transfer
 
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