We have processed more UK pension transfers in the last 9 months than we have done in the previous three years. As we near the 1st January when the UK will leave the EU, more and more individuals are seeking advise with regard to bringing their UK pension accounts home to Ireland.
While I might be naive, personally I believe we can expect a deal will be done between the UK and the transfer window should remain open. For a time at least. That however is not the biggest issue or the main concern.
The UK Financial Conduct Authority (FCA) is making it more and more difficult for individuals to transfer their Defined Benefit or Rights Protected pensions out of the main scheme. This is regardless of whether it is left within the UK or being transferred abroad. FCA restrictions and limitations is likely to be the main reason for this window of opportunity to Irish pension holders. They are making it more difficult for everyone.
If you hold a UK pension fund and are considering your options, we can take you through your choices and highlight possible issues. We can compare the differences between leaving the structure in place versus taking control of your own pension. With the information to hand, it will help you decide what option best suits your circumstances and preferences.
For details, please feel free to contact us without any obligations.