Irish Pension Information

Woman checking her pension performance on paper.

Transferring Your Pension

Transferring your Pension can be a smart financial decision depending on your situation. 

Find out more about pension transfers below.

TRansferring My Pension

Why you might
Transfer your Pension?

The first and most popular reason for transferring your pension is poor performance or high fees. If you have funds in a poorly performing scheme or one with a lot of charges transferring those funds to a pension that offers you better value is always a good decision. 

You may also transfer your fund to move it away from an old employer, to move it to Ireland from another country,  to access your fund earlier from 50 or to combine funds. 

Regardless of your thoughts surrounding transferring your pension getting your options for free is the best place to start. 

Pension Transfers FAQ's

You Ask, We Answer

Get the answers to the questions we are asked most often about Transferring Your Pension. 

If you can’t find the answer to your question call our Free Pension Information Service on 01 255 2553 and a member of our team will be happy to help.

Cashing in your pension at 50 couple placing funds in jar with the word pension on it.

Yes, when you leave an employer you become a deferred member of their pension scheme. This means they still hold and invest your funds but you are no longer contributing. You can transfer an occupational pension once you no longer work for the same employer. 

If your pension is losing money you should review your pension immediately. 

Comparing your pension performance with other funds can be a good place to start. It is also wise to check and compare pension charges regularly.

You might find that even though your pension performance is positive such as 2% growth over the year that your charges equate to 3% meaning your fund is losing money. 

It makes sense in this situation to have a Free Pension Review where an advisor reviews your pension for you and provides you with your pension options. 

For example your advisor might suggest moving to a fund which has a track record of better performance or transferring your fund to access lower charges. 

These are just a few examples of what could be suggested. There is a lot to consider and having a Qualified Financial Advisor review your fund will put your mind at ease knowing your fund is working as hard as you do. 

Don’t sit back like a rabbit staring into headlights. Take action by checking what else is available. You are not committing to anything but simply comparing your options.

Many people never change pension providers and the providers know this. If you are smart enough to review your pension regularly you can be sure you are getting a better deal than most. 

The comparison I normally use is if you renew your car insurance every year without searching the market you can usually guarantee you are paying a lot more than someone who has been checking. Many people who let their car insurance auto renew think sure I’m only paying a little over and its convenient. They are nearly always shocked when they realise just how much more they are paying.

 

This is a really popular question and for good reason. The answer is not as straight forward as it seems and will depend on your individual circumstances.

There are a few general principles which apply and we will look at these now.

The first thing to know is that if you transfer your old employer pension into your new employers pension scheme you are restricting your options. 

Why? If you transfer your old fund into your new employers pension scheme the pension is locked until you leave your new employer. 

So, if you wanted to access some of your old pension at 50 whilst still working with the new employer this would not be an option. However if you transfer your fund from the old Employer Pension Scheme into a Personal Retirement Bond you then keep the door open for access should you need it. 

Another point to consider is diversification. Diversification is basically a fancy work for having different investments in different places. This means if one fund performs poorly the others may not which reduces your risk. The saying Don’t put all your eggs in one basket comes to mind for this one.

However what if your old employers fund performs really well or offers great benefits at retirement? In this case it probably makes sense to leave your pension fund where it is at present.

How do I know what the right thing is to do? This is an easier question to answer. Get free financial advice. You can take our free Pension Transfer Assessment and we will connect you with a Financial Advisor. 

The advisor we connect you with will review your pension/s for free. They will then create a list of your pension options including their recommendations for you. Your advisor will not only make a recommendation but they will also explain why this option benefits you in comparison to the other options. 

This makes your decision much easier. Once you receive all your options you can then decide what you might like to do. 

Getting your options is a free no obligation service offered by the advisors we work with. There is no obligation to proceed with any of the options they offer. You can simply get the information you need to make a more informed decision.  

There is a common misconception that you need to communicate with your old employer to transfer your pension away from their pension scheme. This is not the case. 

In fact when transferring your pension your financial advisor can deal with all of the parties on your behald meaning there is no requirement for you to communicate with your old employer or their representatives. 

This can be especially helpful in situations when a sensitive matter has lead to a breakdown in the relationship. It is standard practice with the advisors we use that you would only communicate with your advisor only and no other party,

We have included this information as reassurance to those who may be reluctant to communicate with an old employer. We have dealt with many cases in which the relationship between the employer and employee has broken down. There has never been an occasion where the employee needed to make contact directly. 

Yes. You can move a pension from the UK to Ireland. There are costs which you may incur which you need to consider before deciding whether or not transferring the pension is in your best interests. 

We would suggest you get a free pension transfer review where an advisor will outline your options and any costs associated with them so you can make an informed decision on whether or not transferring your pension is a good financial decision at this time. 

Yes it is possible to transfer a pension from many countries back home to Ireland however the rules vary and depend on the country you are transferring the pension from. 

For more information we suggest a free pension transfer review. During this review your Financial Advisor will request the details of your pension abroad.

They will review these details and decipher whether or not a pension transfer back to Ireland is possible.

If possible your advisor will explain the process in detail and any implications transferring your pension might have.

They will also draw up a list of the options that you will have once your pension is transferred to Ireland.

You can then review this the information and make an informed decision on whether or not transferring your pension is right for you,

A QROPS (Qualified Recognised Overseas Pension Scheme) Transfer is a when you transfer your pension into a pension product which is registered with HMRC (Her Majesty’s Revenue and Customs) that does not hold the potential to trigger a tax liability on the transfer.

No, when you transfer a pension fund the UK you will transfer your fund into a QROPS product which prevents any tax liability. 

However you can only access your pension from the age of 55 from these funds. You can only access your pension earlier under these arrangements if you are unwell.

When transferring your pension you will receive a transfer value from your current pension provider.

This value is an estimate of your pensions current worth and is the approx. amount that will be transferred in to your new pension fund.

This question is hard to answer as it will depend on your individual circumstances, the transfer value being offered and any other benefits which may be attached to your Defined Benefit Scheme. 

If you are considering transferring a Defined Benefit scheme please request a Free Pension Transfer Review where you will receive free financial advice from a Qualified Financial Advisor who can make a recommendation based on your individual circumstances and goals. 

No, there are no fees whatsoever to get your options. Once you have your options you can then decide whether or not transferring is right for you.

When your advisor presents your options to you they will note any applicable fees which may apply to each option so you can take these into consideration before deciding what may work for you. 

There is no obligation to proceed with any of the options offered. You may receive your options but decide none of them are suitable or that its not the right time for you. 

If this happens simply ask your advisor to close your review. Again just to be clear there is absolutely no charge if you decide not to proceed with any of the options offered.

It can take several months to transfer your pension depending on how complex the pension transfer is.  

Your advisor will be able to give you a better indication once they have provided your transfer options however with all things pensions it does take time. 

We know safety is paramount when dealing with your pension. That is why we will only connect you with advisors who meet both of the following criteria.

The Central Bank of Ireland

Your Advisor’s firm will be registered and regulated by the Central Bank. Each authorised firm is provided with a registration number from the Central Bank of Ireland. This number allows you to independently verify that your advisor’s firm is authorised by the Central Bank.

  • The Advisor we connect you with will provide you with their Central Bank Registration Number. You can contact the Central Bank to confirm this number is authentic.
  • They will call you from the phone number listed for their firm on the Central Bank’s website.
 

Brokers Ireland

Many Financial Brokers are members of Brokers Ireland. Brokers Ireland is the representative body for brokers in Ireland. Your advisor’s firm will also be a member of Brokers Ireland. You can also verify this independently by contacting Brokers Ireland.

All the advisors we work with are authorised by the Central Bank of Ireland and are also members of Brokers Ireland.

Our Advisors Offer

Free Pension Transfer Reviews

1

complete the Transfer Your Pension Assessment

When you complete our online Pension Transfer Review we will go through your details to get a better understanding of what you need. 

2

We'll connect you with the right advisor

We will then connect you with an experienced advisor who will review your pension transfer options in detail and then present you with the options open to you for FREE

3

Decide whether or not to Transfer Your Pension

Once you have all your options you can make an informed decision on what is the best way forward for you.

Our happy clients

We’ve helped thousands of people with their pension

Kevin

Age 52

5/5

“I worked in the Middle East for many years and wanted to transfer my funds back to Ireland because the performance was terrible. It was the best decision I’ve made. The performance of my fund now has surpassed my expectations.”

Cathy

Age 56

5/5

“I transferred my pension over from the UK. The process was made simple by my advisor. Everything was explained in detail during every call. I would highly recommend their service.

Mary

Age 51

5/5

“After leaving my job under difficult circumstances I didn’t want to have to deal with them again. My advisor transferred my pension for me and I never needed to speak to anyone from my old place. ”

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in Pension Funds 2023

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Get your pension transfer options for free and then decide whether or not transferring your pension is right for you. 

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