Patrick is a 42 year old engineer who moved to Melbourne in 2010. Patrick had built up €120,000 in 2 Buy Out Bonds and a PRSA. Patrick and his family have settled in Australia and does not intend to return to Ireland.
Patrick decided that he did not want to leave his pension in Ireland and pay Irish levies on his retirement funds. Also, once Patrick has been an Australia resident for greater than 5 tax years, he will be entitled to withdraw his entire pension tax free.
Secondly, as a non-resident, Patrick could not retire his pension into any Irish Pension products. Patrick would have had to transfer his Pension at some point in the future. This would slow down Patrick actually receiving his pension in Australia.
There were also time restrictions and income tax charges based on the growth on the fund since Patrick became an Australian resident. All of these issues were outlined to Patrick with our Australian colleagues who were able to provide detailed tax & financial advice.
Have you been working in Ireland for more than ten years, and then relocated to another country? Whether you’re heading home or finding a new one, are you aware that your Irish pension is incurring the following charges?
- Pension provider management charge, c. 1-2% of total fund
- Investment management fee, c. 1-2% of fund
- Government pension levy 0.75% in 2014
Seems unfair? We think so too.
Why leave your pension to be fed off by the state and the banks? With a pension transfer from International Pension Transfer Consultants Limited, you can take control of the costs and investment decisions. Here’s how:
- We will establish an overseas pension scheme or correspond with your existing international pension scheme
- We make contact with your Irish pension provider and inform them of your wishes
- We will co-ordinate the transfer or your funds, in keeping with Irish and European legislation
The result? Your funds move with you
Isn’t it nice to get things sorted! Now you can enjoy your new location, whether it’s back to your roots or a new adventure. International Pension Transfer Consultants Limited will take care of the move, from the very beginning. Moving country can be a hassle, but moving your pension doesn’t have to be.
You will be updated regularly in relation to the process and the International Pension Transfer team will ensure that both the Overseas Pension application and the Irish Pension transfer are processed promptly and efficiently.
Our fees for processing the pension transfer are fixed on a case-by-case basis. You can be sure they are very competitive, with a very high level of service.
You get to enjoy 30% of your pension now, with the residual coming in the next 10-15 years. Isn’t it time to relax and start treating yourself?