Irish Pension Drawdown

andyjb999

Hi,

I have a pension in the the Republic of Ireland that is worth around £250K, which I'm planning to access when I reach 55. However I am planning to continue to work in the UK until I am 57 so will continue to pay into my UK pension

What is my best strategy for accessing the pension? Should I
1.Drawdown on my Irish pension as an income as UFPLS whilst increasing my pension contributions in the UK as I'm still working? 
2. Take the Irish pension 25% lump sum whilst increasing my pension contributions in the UK as I'm still working? 

I'm a higher rate tax payer. As a UK resident I think I would only need to make complete a tax return in the UK and not Ireland as there is a reciprocal tax agreement in place but am not sure. 

3. Transfer the pension from Ireland to the UK as part of QROPS. 

Thanks

Andy

eastcorkram

I don't know enough about it, but have you tried asking here?

https://www.askaboutmoney.com/forums/pensions-and-retirement-planning.10/

Bostonerimus1

I would avoid QROPS as they tend to be expensive. There is a tax treaty in place between the UK and Ireland and I would stick with that and the domestic tax regimes.

Double check that your 25% tax free Irish pension lump sum will also be tax free in the UK as you'll be paying tax to HMRC not the Irish Revenue...unless this is a government pension.