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Moving abroad for adventure, work, or a new lifestyle is an exciting prospect. But before you pack your bags, don’t forget about one of your most valuable financial assets, your private pension in Ireland.
Your pension is money you’ve worked hard to save, and it’s one of your most significant financial assets. So if you’re planning a move, it’s worth taking the time to think about your finances, especially your pension, before you go.
Before Anything Else: Define Your Situation
Are You Moving Permanently, or Just for a Short Term?
- Temporary moves (e.g., studying or working abroad for a few years) often mean retaining closer ties to Ireland, potentially keeping your pension terms simpler.
- Permanent moves may require a more in-depth analysis, including tax residency, long-term implications, and whether transferring your pension is beneficial.
What’s Your Purpose for Moving?
- Studying: Contributions may pause; understand implications for Personal Retirement Savings Accounts (PRSAs) or Occupational Pensions.
- Working: You could face split-year taxation, DTA considerations, and possibly apply for a PAYE Exclusion Order.
- Retiring: This topic deserves a closer look. If you’re planning to retire in another country, be sure to read our article for the full details, each country has its own rules, and it’s important to understand how they could affect you.
Review Your Irish Pensions Thoroughly
Before leaving, take stock of all your Irish pension arrangements; this might include PRSAs (Personal Retirement Savings Accounts), occupational pensions, and other personal retirement savings such as self-employed private pension. Carefully review each scheme’s terms to understand.
Make sure you understand the details of each scheme, like whether you can still contribute once you’re living overseas, if your pension savings will continue to grow with tax advantages, and what restrictions might apply when you’re no longer a resident.
Know Your Options: Retain or Transfer?
Keeping Your Pension in Ireland
You can choose to leave your pension where it is, which can be:
- Cost-effective and administratively simple;
- Subject to Irish taxation rules at retirement unless your new country has a suitable tax treaty (Double Taxation Agreement, or DTA).
Ensure you maintain a valid PPS number and consider keeping an Irish bank account to simplify pension payments.
Transferring Your Pension Abroad
Transferring assets might help mitigate currency risks, facilitate tax planning, and simplify your financial life, but proceed with caution. Not all schemes are transferable, and rules vary.
Consider transfer fees, regulatory approval, and whether the receiving scheme qualifies under Irish Revenue rules or meets the criteria in the destination country. Always seek financial advice for a tailored, secure solution.
Understand the Tax Implications
Tax treatment of your pension after moving abroad depends heavily on:
- Residency: Are you considered Irish tax resident after the move?
- Presence of a DTA with your destination country.
- Type of pension: Private occupational vs. public sector vs. ARF/vested PRSA vs. State Pension.
Here’s how things typically pan out:
- Private occupational pensions: if you’re non-resident and living in a DTA country, you can often claim a PAYE Exclusion Order, so Irish tax isn’t deducted. Without a DTA, Ireland will generally continue taxing your payments.
- Public sector pensions: these are usually taxed in Ireland, regardless of your residence.
- ARFs and vested PRSAs: tax is deducted at source in Ireland, with no relief order available.
- State Pensions: typically taxed only in your country of residence.
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State Pension: Don’t Overlook It
If you’ve paid sufficient PRSI contributions, you may still qualify for Irish State Pension, even if you’re abroad. Be sure to:
- Keep track of your PRSI record.
- Understand how to claim the pension from overseas.
It can serve as a valuable supplement to your private pension income.
Seek Expert Advice & Plan Ahead
This isn’t a situation for guesswork. Whether you’re considering leaving your pension in Ireland or transferring it, you must:
- Engage a financial advisor specialising in pension issues;
- Get clarity from your pension provider, ask specifically about contribution rules, portability, and any possible exit tax implications;
- Investigate tax laws for both Ireland and your new country, including DTA benefits and limitations.
Early planning prevents surprises, keeps your retirement goals on track, and ensures you comply with both Irish and foreign regulations.
Don’t let your private pension slip through the cracks when moving overseas. Whether you keep it in Ireland or transfer it, being well-informed and proactive can make a significant difference to your long-term financial security.
Your “why” matters greatly, whether it’s temporary, permanent, or a combination of work, study, or retirement; each path shapes your financial preparation differently. For retirees moving permanently:
- Plan the timing and target age for retiring.
- Audit whether your savings will sustain your lifestyle abroad.
- Know how pensions are taxed based on type and country.
Consider transfer options carefully: fees, regulations, timing, and tax rules vary widely. - And most importantly, work with a qualified financial advisor.
Returning to Ireland After Working in the UK
If you’ve spent time working in the UK and built up a pension there, you don’t have to leave it behind when returning to Ireland. In many cases, it’s possible to transfer your UK pension into an Irish scheme, giving you more control and keeping your retirement savings in one place. This can make managing your money simpler, especially if you’d rather avoid juggling pensions across two different systems.
Of course, the rules can be complex, and the best option for you will depend on the type of UK pension you hold and your long-term retirement plans. To understand your options and the steps involved, read our detailed guide: Can I Transfer My UK Pension to Ireland?
Read Our Articles
We’ve put together plenty of articles to guide you through key financial decisions. You might like the following:
- Why a Private Pension in Ireland Is Smarter Than You Think
- Setting Up a Private Pension in Ireland
- 6 Reasons to Review Your Pension This Year
- 7 Smart Ways to Use Tax Relief to Grow Your Pension in Ireland
- What to Do 5 Years Before Retirement
- The Essential Guide to Pension and Retirement Planning
- Private Pension Myths in Ireland
- Do You Know What Happens to Your Private Pension Plan When You Die?
Be smart with your money. Get a personalised quote today!
Get a Pension Quote
Planning a move abroad? Whether it’s for work, adventure, or a lifestyle change, don’t leave your pension behind. Your private pension in Ireland is one of your most valuable assets, built from years of hard work.
Before you go, take a moment to review your options and understand how your pension fits into your future plans. Get a pension quote today and make sure your financial security travels with you.
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All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.
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