Pension Transfer from Ireland

[dmaxontour]

Hi,

 

I am Irish and was working in Dublin for 5 years before moving to Oz permanently in 2013.

Is it possible to bring over any pension I have accrued in Ireland and use it towards a deposit for a house in Oz or is it locked until I am 70?

And how do I go about transferring? I've had trouble finding clear info on the web.

 

Thanks in advance,

Dec

[Marisawright]

On the question of whether it's possible to bring over the pension from Ireland in cash - that depends on Irish pension regulations, so your best bet is to ring up your Irish pension fund and ask them. They will know whether you can withdraw the money or not, and they'll also tell you how.

 

However you may be in for a nasty shock, even if you are able to get your hands on the cash. As you're now resident in Australia, you'll be liable for tax on the lump sum, and it could be a substantial percentage. So get some tax advice before you do it.

[dmaxontour]

Thanks Marisa. The tax thing wasn't something I'd considered.

[Andrew from Vista Financial]

Hi Dec

 

I am not overly familiar with Irish pensions although I believe that access is not possible until around age 55 so do not think it is possible for you to withdraw before this.

 

A transfer to Australia may be possible again however access to superannuation is not allowable until at least preservation age currently age 56 moving to age 60.

 

Thus I think it very unlikely you are going to be able to use your pension money for a house deposit.

 

Regards

 

Andy