Transfer Euro Pension to UK

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Moira29
Moira29 Posts: 8 Forumite
in Pensions, annuities & retirement planning
I am looking for a Pension Provider that will accept a Company pension in Euros
My pension is currently in Republic of Ireland but I cannot find a UK company that will accept it in Euros.(The company its with cannot change it to Stirling}
I want to bring it here as I live and will retire here
any ideas ?

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  • Aegis
    Aegis Posts: 5,688 Forumite
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    Most full SIPPs should allow you to open a Euro currency account inside the pension, which can then be used to accept transfers from Euro-denominated investments. The question is whether it's worthwhile, as a full SIPP typically costs some £600-700 a year when you include VAT, and there may be additional charges for having a non-Sterling bank account.


    It may be cheaper to leave the pension in situ until such time as you want to convert it to Sterling by transferring in rather than operating a dual-currency pension.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
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    On the other hand, with a weak GBP and a strong EUR, now could be the deal of a lifetime.
  • Moira29
    Moira29 Posts: 8 Forumite
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    thank you for your input - Irish Life can only transfer to a Company Pension would this be suitable ?
    My alternative is to transfer in Ireland to a Company who can transfer it over in GBP is it possible to find a financial adviser who can operate both here and in ROI. I have no idea where to look to find this
  • xylophone
    xylophone Posts: 44,422 Forumite
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    Irish Life can only transfer to a Company Pension would this be suitable ?

    Are you currently contributing to a company pension?

    https://onequote.ie/how-to-choose-a-financial-adviser/ may be worth a read for information.
  • Moira29
    Moira29 Posts: 8 Forumite
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    Hi xylophone no I'm not contributing to a company pension I was made redundant in 2017 and have become self employed
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    edited 23 January 2019 at 7:03PM
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    Cross border pension transfers are notoriously difficult and when possible can be expensive. Ireland does have some rules for this.

    http://www.irishstatutebook.ie/eli/2003/si/716/made/en/print

    but you then have to see if HMRC will allow such a transfer and convince your UK scheme to accept the transfer. To do this you'll have to show that the Irish scheme is a Recognised Overseas Pension Scheme (ROPS) and as the pension is in an EU member that should be possible, although Brexit might complicate things a bit.

    https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm112300

    It's an area for professional advice and assistance in greasing the wheels.

    You could just leave the pension where it is or maybe transfer it to a more convenient personal pension account inside Ireland if that exists and then you can just take money from it when you retire. It's far easier to move income generated by pensions across borders than the pensions themselves.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
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