Occupational Pension Transfers

Share

Meet Deirdre

DeirdreDeirdre worked for one of the major Irish banks for all of her working career. Following the global recession, Deirdre was made redundant at age 56 after 28 years of service. Deirdre was 7 years away from her Normal Retirement Age but had major concerns about the funding levels and the longevity of the Defined Benefit Pension Scheme. As she was no longer working, she also wanted to clear the outstanding balance of her mortgage and help pay some of her children’s college costs.

Deirdre received her pension benefit statement and decided that although the proposed transfer value was less than the promised pension from the bank, she felt that the pension scheme would not deliver the promised amount and that the transfer amount represented a fair value.

Deirdre transferred her benefits to an International Pension Trustee with over 75 offices worldwide. She was able to withdraw 30% of her pension as a tax free lump sum and unlike Ireland did not have to purchase an annuity immediately. Her funds are in a segregated bank account in the name of her pension and growing free of tax.

She was able to get her lump sum (30% in this case) from the overseas scheme. The balance of her funds are invested in the way she has chosen; she was not forced to buy an annuity (with historically low rates) which would have been the case if she had looked at Irish retirement options.

Deirdre’s worries have been eased.  She is making decisions again based on what she wants, and not on what she has to do!

 

You’ve given the best part of your life to building your pension and saving for your retirement. Just because there may have been some changes in your life doesn’t mean you have to sacrifice that plan. Who wants to be starting something new at age 50?

Wouldn’t it be great if you could get some of that pension now?

It’s time to take action! With International Pension Transfer Consultants Limited you can bring back certainty to your life, by accessing 30% of your pension within 5-6 weeks.

Are you a deferred member of an occupational pension scheme?

If you’re a deferred member of an occupational pension scheme, you are eligible to transfer that pension overseas. International Pension Transfer Consultants Limited can manage this for you.

Information for self employed pension holders here.

First you need to find out how much your pension is worth. You can do this by contacting the Trustees or with a letter of authority, which allows us to contact the Irish Trustee and request the benefit statement which details the transfer value of your pension fund. Download Letter of Authority.

Once that’s done, we can outline your options:

  • Want to get that 30% in cash? We’ll recommend trustees to administer the overseas pension. Once you’ve made your decision, we can facilitate the transfer and take care of all the back office administration.
  • The remaining funds becomes a self-directed pension. You can either direct where the funds are invested or appoint a Regulated Investment Intermediary to help you with the decision.. You’ll finally be able to start living the life you deserve, with the support of a staggered income.

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 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.

You get to enjoy 30% of your pension now, with the residual coming in the next 20+ years. Isn’t it time to relax and start treating yourself?

Take ownership of your pension. If you die before aged 65, you are not married and you have no dependents, your entire pension is written off and not one cent of it goes to your estate! When you transfer your pension overseas, the entire value goes to your estate and you can take care of those you love.

What are you waiting for?

Read the technical and legal information governing international pension transfers →

Comments Off on Occupational Pension Transfers