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Pension advice from abroad

  • 24-07-2014 8:16am
    #1
    sash88
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hello,

    My current situation is I am working full time but in another country. I expect to return to Ireland in a years time. I am 25 years old but have never had a pension before. While working overseas, I have amount a respectable savings and feel its tie to start a pension. As I am not employed in Ireland, it's obvious I cannot take advantage of a company pension scheme but I am not entitled to one overseas as I do not hold residency. Can somebody please list my options in terms of pension scheme available in Ireland and how to choose which service provider best suits you? I have read on previous forums PRSA pension etc. y knowledge in this area is small so would appreciate people's input.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    sash88 wrote: »
    Hello,

    My current situation is I am working full time but in another country. I expect to return to Ireland in a years time. I am 25 years old but have never had a pension before. While working overseas, I have amount a respectable savings and feel its tie to start a pension. As I am not employed in Ireland, it's obvious I cannot take advantage of a company pension scheme but I am not entitled to one overseas as I do not hold residency. Can somebody please list my options in terms of pension scheme available in Ireland and how to choose which service provider best suits you? I have read on previous forums PRSA pension etc. y knowledge in this area is small so would appreciate people's input.

    You need to check out what options are available in the country where you are resident and see if there are agreements between Ireland and that country. If you are located in an EU country there there are extensive rules in place to handle this situation.


  • #3
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    The main incentive for contributing to a pension fund in Ireland is the tax relief. If you're not paying tax in Ireland you won't get tax relief. While it's possible to make contributions to a pension here and claim the tax relief if/when you return here, to be honest at 25 I don't see any great rush. I'd wait until you are earning and paying tax in Ireland and then start your pension contributions. You can always start with a lump sum that you've saved up while abroad if you wish.


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