Hi,
I live and work in the UK but have a pension in the Ireland that is worth around €250K, which I'm planning to access when I reach 55. I am planning to continue to work in the UK until I am 57 so will continue to pay into my UK pension
What is my best strategy for accessing the pension? Should I
1.Drawdown on my Irish pension as an income as UFPLS whilst increasing my pension contributions in the UK as I'm still working?
2. Take the Irish pension 25% lump sum whilst increasing my pension contributions in the UK as I'm still working?
I'm a higher rate tax payer. As a UK resident I think I would only need to make complete a tax return in the UK and not Ireland as there is a reciprocal tax agreement in place but am not sure.
3. Transfer the pension from Ireland to the UK as part of QROPS.
Thanks
I live and work in the UK but have a pension in the Ireland that is worth around €250K, which I'm planning to access when I reach 55. I am planning to continue to work in the UK until I am 57 so will continue to pay into my UK pension
What is my best strategy for accessing the pension? Should I
1.Drawdown on my Irish pension as an income as UFPLS whilst increasing my pension contributions in the UK as I'm still working?
2. Take the Irish pension 25% lump sum whilst increasing my pension contributions in the UK as I'm still working?
I'm a higher rate tax payer. As a UK resident I think I would only need to make complete a tax return in the UK and not Ireland as there is a reciprocal tax agreement in place but am not sure.
3. Transfer the pension from Ireland to the UK as part of QROPS.
Thanks