Non-residents with Irish pensions

Discussion in 'Pensions' started by dkelly, Jan 8, 2018.

  1. dkelly

    dkelly New Member

    Posts:
    2
    My husband and I moved to the US nearly 4 years ago & don't expect to live in Ireland when we retire in approx. 20 years. We hold about 7 Irish pension accounts (3 x with ex employers and 4 PRSAs).

    We were recently informed by one of the pensions providers (Zurich) that they can no longer accept instructions from us to make changes to the pension, e.g. change fund structures, as we are non-resident. We were not aware of this being the case and it is very concerning as the current fund structures are right for the risk profile of younger people, but we would have wanted to change them as we got older.

    Zurich told us we could transfer our pensions to another provider (and I assume change fund structure then), but when i reached out to an Irish pensions expert for advice, he told me he cannot give advice to us as non-residents and I'm wary of making changes like this without advice. Our US financial advisor does not know the Irish pensions system.

    I also tried to explore the option of moving our Irish pensions to the US but that does not seem possible.

    This seems like a crazy situation - we can't move funds, we can't get advice as to how to manage these pensions and we can't move them from Ireland. Can anyone confirm the advice we have been getting is correct? What is the expected actions of people like us who are non-resident with irish pension accounts?
     
  2. Marc

    Marc Frequent Poster

    Posts:
    804
    Hi.

    We discussed this very subject in the office today.

    We specialise in providing advice on a cross-border basis and have already confirmed with our Lawyers that we may deal with US residents with Irish pension contracts.

    We would be happy to work with you and your US adviser to assist in creating a comprehensive plan to take account of both your US and Irish assets.

    Marc Westlake CFP, TEP, APFS, QFA
    Chartered and Certified Financial Planner and Registered Trust and Estate Practitioner

    www.globalwealth.ie
     
  3. Dan Murray

    Dan Murray Frequent Poster

    Posts:
    429
    Hi Dkelly,

    The two points that strike me are:

    1. Why can Marc's company deal with US residents and your adviser can not? and

    2. Presumably other companies are happy to take your instructions but Zurich is not? Which approach is legally correct and why?
     
  4. Ravima

    Ravima Frequent Poster

    Posts:
    2,272
    your adviser can not?

    perhaps s/her is a tied agent and not an independent adviser???
     
    Dan Murray likes this.
  5. Dan Murray

    Dan Murray Frequent Poster

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    429
    2 + 2 = 5...........(something doesn't quite add up here?!)