Is it possible to transfer to Buy out Bond with English insurer

[cronley]

I have preserved pension benefits with a private company in Ireland that I left a few years ago after 30 years service. I am considering doing a transfer to a Buy out Bond.
Is it possible to transfer to a Buy out Bond from an insurance company in England and use it to buy a pension annuity from the English insurer - I am looking at this because tou can get better annuities with English companies.

 

[LDFerguson]

Interesting question. Am I understanding you correctly that your existing fund is currently with an Irish pension company and denominated in Euros?

I know that it's possible to transfer funds between Ireland and the UK if you have also moved to the UK yourself. But I'm not sure if you can do it just to avail of more favourable terms.

Bear in mind that if you buy an annuity in Sterling, you're not only exposing yourself to currency exchange issues at the time of purchase, but also on each and every pension payment for the rest of your life, assuming you continue to live in the Eurozone.

There's a broker in Malahide called who specialises in transfers from UK pension scheme to Ireland. He may or may not be able to advise you on the possibility of transferring the other way round.

 

[cronley]

LDFerguson
No - my fund is not with a pension company. I worked with an Irish company, but I left them a few years ago. I still have preserved pension benefits with that company's pension scheme. I have the option of taking a pension from the company pension scheme - or, I have the option of transferring from the company scheme to a Buy out Bond, & using the Buy out Bond to buy an annuity.
I am an Irish citizen, living in ireland, paying tax in Ireland & I will continue to live in Ireland. I am just checking out if it is possible to do the Buy out Bond & Annuity with an English Insurance company, because of the better annuity rates. Or is it possible to do it with other Eurozone countries to avoid the sterling exchange risk. I dont know how annuity rates compare in other Eurozone countries.

 

[boaber]

As far as I'm aware annuities from Irish Co. Pension Schemes and Personal Retirement Bonds must be purchased in the State. This would be a provision of the scheme/bond obtaining approval status from the Revenue.