paddygunner Posted September 21, 2013 Share Posted September 21, 2013 hi everyone i wish to transfer an Irish pension to Aus super fund irish legislation dictates pensions can only transfer to a fund with no early release clauses similar to hardship release in most super funds does asnyone know a super fund without such a release clause or have experience of transfering irish pension also is it worthwhile setting up a smsf - trasfering approx €100k thanks in advance Quote Link to comment Share on other sites More sharing options...
newjez Posted September 21, 2013 Share Posted September 21, 2013 Why do you need to transfer it? Quote Link to comment Share on other sites More sharing options...
paddygunner Posted September 21, 2013 Author Share Posted September 21, 2013 don't need to but want to Quote Link to comment Share on other sites More sharing options...
Skippy1 Posted September 21, 2013 Share Posted September 21, 2013 If drawing it down in Oz you can draw it down tax free, not the case in Ireland you are taxed at your nominal rate on drawdown. That could be one good reason to move it....Im sure there are other reasons also Might be worth waiting a little longer depending on exchange rates. Might be in the same situation soon :biggrin: Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 23, 2013 Share Posted September 23, 2013 hi everyonei wish to transfer an Irish pension to Aus super fund irish legislation dictates pensions can only transfer to a fund with no early release clauses similar to hardship release in most super funds does asnyone know a super fund without such a release clause or have experience of transfering irish pension also is it worthwhile setting up a smsf - trasfering approx €100k thanks in advance Hi I assume you are referring to http://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Super/Conditions-of-release-to-access-your-super-before-retirement/ These conditions of release are set out by the ATO and I understand would be in place for all Superannuation Funds. Your Irish Pension provider has clearly done their homework, we have had a similar case with a client although I understand some people have managed a transfer, I suspect the administrator of the Irish pension in these circumstances did not look too closely into the Australian condition of release clauses. You mention setting up an SMSF, generally SMSFs are for sophisticated investors or investors with very large balances that wish to take more control over their investments and/or cannot access the investments they want to within Indusrty/Retail Superannuation Funds or Wraps. There are lot of complexities involved when dealing with SMSFs and also responsibilities in running an SMSF and professional advice should be sought to understand whether it may be an appropriate strategy. However something that may be worth having a look into and discussing with an Australian SMSF Lawyer is, would you as the Trustee of your own SMSF (if you were to set one up) be able to leave out of the trust deed for purposes of conditions of release the ability to access monies under certain conditions i.e financial hardship (I am not sure whether this would be allowable)? Regards Andy Quote Link to comment Share on other sites More sharing options...
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