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Guide to Transferring your Irish Pension(s) Overseas
The concept of transferring Irish pensions overseas is relatively new in Ireland but is becoming increasingly popular.
There are now more and more people born in Ireland moving to sunnier climates for retirement and are looking for opportunities to access their benefits more flexibly and tax-efficiently, in line with their retirement plans. For some, this could be a few years away but they have already accumulated larger pension pots, close to the upper limit and may need to consider their options now, in order to maximise their tax-efficiency in retirement.
In addition, Dublin’s importance as a global hub for international companies has increased significantly in recent years following substantial gains made in areas such as economics and innovation, reflecting Dublin’s rise as a leading global tech destination.
Such progress has attracted many international workers who are now accumulating pensions whilst working in Ireland and often with multiple companies.
Whilst this is certainly a good thing, the pension rules in Ireland mean that many schemes only really suit retirement in Ireland. This is now leading to scenarios where the benefits and taxation for some do not fit with an individual’s requirements, if they decide to retire somewhere else.
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