Many Irish residents that worked for over a 5 year period in a foreign country in a full time position leave behind a size able pension in that country. An overseas pension transfer is when the pension left behind in that country is transferred back to Ireland. Legislation changes over the past few years have meant that a large number of these pensions can now be transferred with their owners in one lump sum once they leave this employment. Many of these companies have recently started offering enhanced Transfer values on ex-employee pensions in order to get these individuals to transfer their pension money out of the company’s pension scheme and into their own name.
If you are someone who has worked abroad and have not yet transferred your pension, it may be worth your while to look into this in greater detail. It is however very important that you do your homework before any decision is made as it may or may not be the best decision for you. It mainly depends on the transfer value that your ex employer is offering you versus the pension they are projecting at your normal retirement age. This differs from company to company.
The main benefits of transferring you pension back to Ireland are;
Money Maximising Advisors have years of experience in overseas pension transfers and helping people make the correct decision on whether or not they should transfer their pension back to Ireland. If you would like to locate your pension and/or request a transfer value from your ex employer, we can help you assess the best option for you. If you would like more information on overseas pension transfers, please fill in the form below and we will send you more information.
If you would like to learn more about the different types of pensions, please CLICK HERE.