Irish Pensions

Irish personal pension schemes

The possibility of transferring Irish pensions is a new concept, but with Ireland becoming an increasingly significant location for global companies, there are growing numbers of international workers. This outcome is that large numbers of these international workers will accumulate employee pension benefits whilst working and living in Ireland. If they subsequently return home or relocate to a new overseas residence, leaving those assets where they are may be inappropriate.

Many occupational pension/ defined benefit schemes can be transferred to similar arrangements overseas.

It is more complicated with Irish pension vehicles such as PRSA’s, Personal Retirement Bonds (Buy-Out bonds), ARF’s/AMRF’s, Final Salary or Self-administered pensions but all of these can be looked at and potentially transferred.

Dublin Ireland

Transferring Irish Pension schemes

Performing a transfer out of the existing scheme and into a more appropriate pension is possible if the member is no longer residing in Ireland or for the purposes of consolidating multiple schemes. 

Any personal Irish pension scheme can be transferred overseas irrespective of whether you have current employment overseas.

Transferrable Irish Deferred Pension Plan types include: 

  • Occupational Pensions (both Defined Benefit and Defined Contribution type) 
  • Buy Out Bonds 
  • Personal Retirement Savings Accounts (PRSAs).

Transferring your Irish pension(s) can allow you to access your pension from age 50 and take a 30% tax-free lump sum rather than the standard 25% domestic allowance. Other potential benefits include:

  • Holding your pension in a tax-efficient administrative authority
  • No tax is applied when purchasing or selling investments within the pension
  • Nominate beneficiaries anywhere in the world
  • No Lifetime Allowance Charge applied, and no Standard Fund Threshold limit
  • Capital Acquisition Tax and Inheritance Tax may not apply
  • Enjoy currency selection freedom – control which currency your pension is denominated in


Withdrawing money from your Irish pension schemes

If you transfer your Irish pension overseas, you will be able to avail the chance to take 30% as a tax-free lump sum once you turn 50. Domestically within Ireland, you would only be able to take 25% at this point.

You can then choose to draw retirement benefits directly from the overseas pension or purchase an annuity. You can benefit from double taxation agreements, which will remove complexities about the taxation of your pension income.

Irish pension transfer guide

Download our Irish Pension Guide to find out more.


What are your pension transfer options

Occupational pension funds in the EU benefit from the principles of free movement of capital and free provision of services. This freedom is supplemented by rigorous prudential standards, ensuring that pension fund members and beneficiaries are properly protected. Read more here

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If you are looking to transfer your Irish pension overseas, speak to one of our advisers today.

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