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Pension transfer within Europe?

  • 11-01-2006 3:23pm
    #1
    FergusF
    Registered Users, Registered Users 2 Posts: 133 ✭✭


    Does anyone know the rules on pension transfers if moving from Ireland to work in another European country?

    My wife has been offered a job in Spain :) and if it works out we will both be moving there permanently. This would be a move to a new company.

    We both have money in company pension schemes and would prefer not to have to cash it out. I've been able to transfer when changing jobs within Ireland, have even kept money in the fund when spending a year abroad and later transferred it to a new employer's fund.

    I've heard conflicting stories about this, just wondering if anyone has had experience transferring pensions within EU countries?


Comments

  • #2
    Alun
    Registered Users, Registered Users 2 Posts: 21,499 ✭✭✭✭Alun


    I know it's the other way round, but we recently moved from the Netherlands to Ireland. My wife worked for several years for Philips and had a good defined benefits pension with them, but her new company here (part owned by Philips) has a typical defined contribution scheme. In the end we decided (rightly as it transpires) that the money was safer in the Philips pension fund and didn't pursue the matter further, but if we had there were lots of rules and regulations to follow, mainly satisfying the Dutch pension regulatory body and the Dutch tax authorities that the money really was going to a 'proper' pension fund, and there was also a requirement that a tax treaty exist between the two countries with regards to the non taxability of premiums. Basically, if they weren't satisfied that everything was kosher, they'd refuse to allow it, and that was that.

    I don't know whether there's such a thing as a Pension Regulator or suchlike here in Ireland, but if there is they should be able to help you. Be prepared for some small print that will make your brain bleed :)


  • #3
    FergusF
    Registered Users, Registered Users 2 Posts: 133 ✭✭FergusF


    Alun wrote:
    I don't know whether there's such a thing as a Pension Regulator or suchlike here in Ireland, but if there is they should be able to help you. Be prepared for some small print that will make your brain bleed :)

    Ok thanks for that Alun, yeah I am expecting my brain will bleed trying to figure this out :(


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