Transfer to an overseas pension

Company pensions and PRSAs can transfer overseas if the following requirements are met

• The benefits provided by the overseas pension are 'relevant benefits' as defined in Section 770 of the Taxes Consolidation Act 1997.
• The overseas pension has been approved by the relevant regulatory authority.
• The client completes the Revenue Overseas Transfer Declaration (included in the overseas transfer form).

For transfers within the EU:

The overseas pension must be an Institution for Occupational Retirement Provision (IORPs) within the meaning of the EU Pensions Directive. The scheme administrator must also be resident in an EU Member State.

For transfers outside the EU (including the UK):

The transfer may only be paid to a country in which the member is currently employed or resident.

PRSA Transfers:

Any PRSA or PRSA AVC that does transfer overseas will be liable to income tax, PRSI and USC under Section 787G of the Taxes Consolidation Act 1997. This tax is deducted before the transfer takes place.

Personal Retirement Bonds (PRBs):

PRBs can transfer to the United Kingdom if the conditions above are met. PRBs cannot transfer to any other overseas country.