With over 500,000 people living in Ireland that have at some stage lived/worked in the UK, the question that often gets asked is ‘What do I do with my UK Private Pension(s)’. Many more people are returning or becoming expats in the Emerald Isle. Therefore, this question remains relevant.
The answer often depends on your circumstances:
- Are you going to retire in Ireland and need your income in EURO?
- Are you going to return to the UK and retire?
- Are you living in Ireland due to work and are unsure where you will retire?
- Do you have a number of different pensions from various UK employers?
These are just a few questions that we would ask to determine the best solution for you and your pension(s).
Benefits of transferring your pension(s)
- Convenience Factor. Many people hold more than one pension pot in the UK after working for various companies. So being able to transfer into one Pension Pot makes it easier to manage now and upon retirement.
- Currency Conversation. If you are living in Ireland you are likely to spend the money in EURO so having the benefit of converting your GBP pension to EURO or even USD reduces your risk and can increase the value.
- Investment Choice. Commonly most pension providers in the UK will choice a mix of funds from a small selection of funds available on the pension platform often the funds are based on the UK economy. This can limit growth with your pension if the UK is not performing. By moving your pension you have a greater selection of funds to choice from on a global scale enabling greater diversification. They can also be tailored to your investment needs for example investing in more sustainable/ethical funds.
Process – Step-by-Step Guide
Step 1: Discuss your pension options with a Choice Alliance Financial Adviser; this can be face to face or over the phone.
Step 2: If you wish to explore the option further of moving your pension we request the relevant information from your UK Pension Provider(s).
Step 3: Once the information is received a fully review and recommendation will be sent to you ready to be discussed in detail.
Step 4: At this point we will agree to move your pension or leave it with your current provider. If agreeing to move, paperwork will be completed.
Step 5: Paperwork will be sent to the new pension provider who will carry out the transfer and communicate with your current pension providers.
Step 6: Once the transfer amount(s) are received your new pension is set up. It is then invested into the investment options discussed. These options are chosen to suit your needs. Additionally, they are also intended to help you to fund the lifestyle you want in retirement.
To discuss your UK Pension requirements further please book a call with one of our pension experts:
