UK Pension Transfers

If you have worked in the UK some time during your career you would have probably built up a Pension pot. If you are planning to move back to Ireland, or if you have already done so, you can move / transfer your UK Pension to Ireland into a Qualified Recognised Overseas Pension Scheme (QROPS). This would give you more control over your investment options, both now and when you retire.

A Qualified Recognised Pension Scheme (QROPS) is a pension scheme that can receive a transfer of UK Pension Benefits free of tax.

What are the benefits of transferring your UK Pension to Ireland?

  • Control – Greater control over your pension investment.
  • Tax A QROPS can accept pension transfers from the UK without potentially triggering a tax charge.
  • Convenience It is easier if you are planning to retire back home in Ireland. If you leave your pension benefits in the UK, you will have to submit an annual tax return in Ireland in retirement declaring your income from the UK. Transferring your pension to Ireland would also allow you to work with a Financial Advisor familiar with the Irish market.
  • Inheritance PlanningIf the beneficiaries of your Will or your dependents are not living in the UK, leaving your pension there may be more complicated to deal with in the event of your death, making more sense to transfer your pension to Ireland.
  • Standard Fund ThresholdAny pension savings you transfer to a QROPS in Ireland does not count towards the €2 million Standard Fund Threshold (which is the maximum pension amount you can save for in Ireland without heavy tax charges). The SFT only takes into consideration pension savings in relation to Irish earnings.


Are there tax implications when I drawdown my benefits from a QROPS Buy Out Bond?

Once you have not been resident in the UK for the previous ten tax years (at retirement date) then there is no immediate tax liability. However, QROPS providers must report all payments from QROPS made within ten years of the original transfer regardless of residency status.

Considerations before transferring your Pension to Ireland >>

UK Pension Transfers

I want to transfer my UK pension to Ireland.

What’s the next step?

Our Financial Advisors can facilitate QROPS transfers to bring your UK pension benefits back to Ireland (with an Irish registered life company) and into your own name. This is known as a QROPS Buy Out Bond.

  • Step 1:

  • Request your pension benefits statement and the transfer options form from your UK provider that includes the option to transfer overseas.
  • Letter of Authority
  • In order for our Financial Advisors to review your pension benefits and advise you on your options, complete the below form (using the “download” link) and send this to info@smartfinancial.ie.



  • In addition, make sure to submit your enquiry in the field below…
  • Step 2:

  • Our Financial Advisors will contact you to discuss your options and to make sure it is the right decision for you. We will  will complete the relevant paperwork with you for the QROPS Buy Out Bond, and ensure there will not be any UK tax implications.
  • Step 3:

  • The agreed upon Irish Pension provider will receive the transfer from the UK, convert it to Euro for you, and ensure your QROPS Buy Out Bond is set up. The Pension will now be in your name and in your control.


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