Irish Pensions - the impact of moving overseas

B

BF

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I am a foreigner working in Ireland & I am about to commence a new position which offers a pension. My employer will also be contributing to this pension.
I am likely to be residing in Ireland for the next 2 - 3 years, before heading back overseas.
Generally, what are my options in relation this pension when I leave Ireland.
Can I:
&nbsp &nbsp &nbsp &nbsp 1. Get back my contributions to the pension.
&nbsp &nbsp &nbsp &nbsp 2. Get back my employers contribution to the pension.
&nbsp &nbsp &nbsp &nbsp 3. Don’t cash in the pension & allow it grow (though without contribution) until I reach 65 and cash it in at this stage.

Any advice would be appreciated.
 
You need to check the vesting period of the pension scheme. It will probably be 2 years.

If you leave before 2 years membership of the scheme, you will get your contributions back, net of 25% tax, but no employer contributions.

If you leave after 2 years, your contributions and the employer contributions can either be left in the scheme to be invested for your retirement or transferred into a bond with an approved insurance company, also for your retirement. Once you have been a member of the scheme for more than 2 years, you can't get the money back until you retire.
Transferring the bond abroad may be fairly complicated - I'll leave that to the experts to comment.
 
Rainyday has explained the basic options fairly.

Option of transfer to foreign arrangement is very possible due to changes in Pensions Act this year. New revised Section 34(3)(e) now allows scheme to offer a transfer to :

"(e) where so prescribed, and in accordance with such conditions as may be prescribed, in the making of a payment to the trustees, custodians, managers or administrators of an arrangement for the provision of retirement benefits established outside the State."

So it should be possible to transfer value back to any type of offically recognised overseas pension arrangement.
 
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