Over the years, thousands of Irish people have migrated to the UK in search of work and, whilst there, paid into a company pension or private pension arrangement. Many of these people have now returned home and are considering whether they wish to transfer these pension benefits back to Ireland to provide for them in their retirement.
In order to ensure there is no immediate tax liability when transferring these benefits to Ireland, the clients must use a product that is approved by the UK Revenue as a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS is a Personal Retirement Bond approved for this purpose and can accept transfers from company pension schemes and personal pension arrangements in the UK.
Even though the product is approved by HMRC as a QROPS which mitigates any initial negative tax consequence, the UK Revenue impose additional rules which mean that their Tax treatment can potentially follow the fund for a period after the transfer takes place therefore it is important to get the right advice to ensure that the decision to transfer is the correct decision.
Contact us today on 053 9146592 if you would like more information about the QROPS Personal Retirement Bond.
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