If you currently live in Ireland but have previously lived in the UK and contributed to a pension there, you may have the option to transfer the pension here. This will depend on what type of pension it is but the best way to be sure it is allowed is to ask the UK company it is currently held with.


Should you be allowed transfer it home to Ireland, it will need to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS) here. Whether or not this is a good idea is an individual decision and you need to look at your own circumstances before proceeding. However, there may be some advantages to bringing the pension home:

  • Convenience and administrative ease: having the policy with a provider in Ireland should make reviewing and amending it easier.
  • Regular advice: It should be much easier to meet a local adviser on an ongoing basis in relation to the policy than having to deal with someone in the UK.
  • Maturity: when it comes to taking benefits from the policy it may be more convenient to have the policy in Ireland.
  • Currency reasons: if you are concerned about fluctuating exchange rates, then having the policy denominated in Euro would alleviate this.
  • Ease concerns regarding Brexit.


Of course, there may also be some potential disadvantages to transferring the policy here. The main one possibly being how you take your benefits at maturity. Although the rules tend to be very similar between the UK and Ireland, there may be some differences depending on the type of pension it is in the first place.Before moving your UK pension home to Ireland, it is very important to seek advice and ensure it is a good idea in the first place. If you would like to discuss your own situation, please give me a call on 068 31777 or 087 9308181. Alternatively, you can email me at gerard@proactivefinance.ie.


Gerard Ward

9th January 2019