Transferring a UK pension to an Irish QROPS - what was your experience?

I have a fairly small (€50k) pension in the UK (ReAssure) but I was hoping to simply withdraw it all in one go next year, take 25% as a tax free lump sum and just pay tax @ 20% on the remainder. Haven't spoke to Reassure yet so not certain this is feasible.
 
I found an ISIPP with a simple online set up.

To avoid being taxed in the Uk we were told to submit forms to IOT here… but where? Tax returns are done online so where can I find my district details?
 
poorrelative said:
I have a fairly small (€50k) pension in the UK (ReAssure) but I was hoping to simply withdraw it all in one go next year, take 25% as a tax free lump sum and just pay tax @ 20% on the remainder. Haven't spoke to Reassure yet so not certain this is feasible
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I called my provider, countrywide, and found them pretty helpful. Don’t see why you can’t withdraw it etc into an appropriate account. Might be Uk withholding tax implications.

Now mine haven’t done anything yet expect explain stuff to me and send me a copy brochures about advice from PensionWise. I gather they are obliged to do this.
 
@Annieindublin Could you share where you found the ISIPP please? I will follow your experience with interest, will be doing something similar in about a year's time! Thank you
 
I googled it. Got 4 with good reviews and went onto each website and engaged with either bots or people via chat to see how responsive they were.
 
@PandPs also details how they approached this and how they sounded out/interacted with various providers earlier in the thread.
 
So progress on this is very slow.

I completed all the forms etc and I’ve had an email from Countrywide assurance where my (tiny) funds are saying I need to complete a meeting with the Uk government pension helpline as apparently I haven’t provided them with supporting copies of key features illustrations if a suitably report … I did complete a questionnaire online but i didn't have copies of brochures etc as I had only the website links no actual brochures. Which was the answer I gave in the questionnaire.

Thats fine I don’t mind doing the appointment. And I’m in no hurry. Luckily.

I have to get details of all fees in advance of the appointment so ive asked MyExpatSipp to provide these, specific to me not generic from their online brochures
 
I eventually got monies in my ISIPP, bought some direct share already, seems very slick so far. Headline charges are low but i w9nder will they skim me here ans there e..g less competitive prices on trades so will keep an eye on this.


Haven't figured out tax implications if i draw down cash yet but i assume 25% is tax free (I'm 55). Nice to know i havr a bit of liquidity if i need it.

My spouse has started the process too of movng an old uk pension arrangement to one too. Charges on her existing arrangement are pretty high, should have done this years ago!

Interestingly, looking at pension statements, she contributed 5k to pension over about 18 months, albeit 20 years ago, worth 110k now and fund choice wad pretty poor too. Still demonstrates the power of compound interest, despite poor fund choice and high charges.

P.s. employer made some contributions too.
 
I have a old UK SIPP (£180k) with Hargreaves Lansdown but am based permanently in Ireland. I turn 55 in Nov and intend to draw down 25% of the SIPP. I don't have a UK bank account but intend to use Wise to get access to one and then transfer in GBP to my Revolt to avoid FX charges. I have filled out the Double Taxation form, got it signed by Revenue and posted it the HMRC, so my payments will be made gross and taxed in Ireland. I think this is a another way of doing it without moving provider.
 
Board11 said:
don't have a UK bank account but intend to use Wise to get access to one and then transfer in GBP to my Revolt to
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You might have a uk banl ccount through revolut. I yave one linked to my ISIPP and have been told payments can be made directly to it. I can.also transfer cash to euro within the isipp and then transfer out too.

From what you're saying about approaching revenue ilit sounds like might need to fill out some paperwork before simply drawing down any tax free cash.
 
@Cameo this the form you need to complete https://www.gov.uk/government/publi...er-2151-and-protocols-form-ireland-individual. It took me 3 months chasing Irish Revenue to get it signed and returned, I had to call them twice, which involves dialing at 9:29 because by 9:30 they are full and dont take any more calls, really crazy stuff.

I checked and Hargreaves Lansdown will not accept Revolut UK bank details from an Irish subscriber, but they will accept Wise.
 
@poorrelative

I am in a similar situation (with Reassure UK) but live in Europe.

I called the to make a withdrawal (25% Tax Free Cash) and this was transferred to me within a few weeks. There were some forms to fill in and return which you would expect as they need to verify you identity etc. The 25% tax free sum arrived in full. I then requested a further partial drawdown which was also processed but this sum was net of some withholding tax because I did not have a UK tax free allowance in place. However, HRMC processed this within a few months and I received a credit of the withheld amount with little fuss. Where I live has a DTA with the UK which gives sole taxing rights to the UK so I am clear since I am entitled to a full TFA in the UK as a European citizen and the amount withdrawn was below this TFA. I intend to repeat this exercise for the next 4-5 years

I have another small DC fund with Std Life so hope to do the same as with Reassure.
 
Has anyone had advice about QROPS a UK pot into multiple Irish PRBs or PRSAs so that you can crystalize on different dates into the future.

One advisor suggested I do this so that rather than a single crystallisation event I have multiple (e.g. one per year) thus receiving an annual tax free lump sum over say the next 5 years)
 
fclauson said:
multiple Irish PRBs
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I'm not sure it's possible to do this with a PRB. For an Irish transfer, a split is only allowed where the lump sum can be paid from one PRB and all the others are "non-commutable" and can only be used for annuity purchase.

It might be possible with a PRSA, but I don't know if there are any QROPS PRSAs, and if the initial transfer is to a QROPS PRB, it can't be transferred to a PRSA subsequently.
 
Both Zurich and Standard Life have QROPS approved PRBs.

Standard Life also have a QROPS approved PRSA.

If you use the PRSA route, after you take 25% the balance must remain as a vested PRSA. The PRB has the ARF option.

One final point - from April 2028, the earliest age at which QROPS benefits can generally be accessed will increase from 55 to 57.

www.shefflinoneill.ie
 
Apparently the money is now in transit to MyExpatSipp… and it’s a bit higher than anticipated too. Happy days. Not sure when I’ll draw it, and I’ve yet to work out tax free element and impact on TFLS here but good to have that part sorted out.

I’m still on a payroll for a few more months and hitting the higher tax band so no rush.

PensionWise call was helpful in some respects. Advised me on the Uk state pension too, which I have already sorted but good advice from them anyway. Comprehensive information from them.
 
I've discussed transfer of my UK pension pot with my advisor briefly. Looks like option would be to transfer to QROPS with either Zurich or SL, then cash it in, taking 25% lump and transferring remaining 75% to my ARF. Must get it moving in case UK changes the rules.
 
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