For UK Nationals (or those that have worked in the UK)
SIPPs are now the order of the day.
Not just any ordinary SIPP! – an International SIPP will give you many of the advantages of the previous ‘go to’ of a ROPS (a Registered Overseas Scheme) typically held in another European jurisdiction, preferably the EU (which of course the UK is now no longer part of)
ROPS have not been stopped but the UK Government has issued guidance to pension Trustees that’s left them ‘erring’ on the side of caution and interpreting the messages as a warning to Trustees that accepting a transfer of a members pension to another Trustee based in a country that is not the member’s country of residence, is a problem!
There is hope that the current grey area is clarified before too long but it is likely that the UK pension Trustees will continue to interpret the current vagueness to their advantage and seek to retain monies on UK shores.
Republic of Ireland Pensions
The current default options for those with pensions are restrictive and definitely antiquated.
If you are reading this – which of course you are! – you should definitely get in touch.
This applies whether you are living in Ireland with no intent to leave or eyeing a move overseas.
Some of the advantages of changing your pension to a European pension include;
Larger Tax Free Lump Sum
Earlier Access to Your Pension
Standard Fund Threshold
– If you exceed a pension pot of €2,000,000 you will face a 40% tax on the excess.
Capital Preservation & Inheritance Advantages
Enhanced Death Benefit
– Get your pension paid gross