Irish Pension Drawdown

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







Comments

Meet your Ambassadors

Categories

  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards