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Retirement options

  • 03-05-2021 10:32am
    #1
    Dingle_berry
    Registered Users, Registered Users 2 Posts: 885 ✭✭✭


    Apologies if this seems obvious or has been answered before but how does my pension work if I move outside the state when I retire?

    Do I still get the PRSI pension that I contributed to all of my career or must I remain resident in the state to claim it?

    What about a public sector pension? Private pension?

    Does it change depending on where I want to retire to? E.g. Portugal versus Australia or South Africa?


Comments

  • #2
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,876 ✭✭✭The J Stands for Jay


    Dingle_berry wrote: »
    Apologies if this seems obvious or has been answered before but how does my pension work if I move outside the state when I retire?

    Do I still get the PRSI pension that I contributed to all of my career or must I remain resident in the state to claim it?

    What about a public sector pension? Private pension?

    Does it change depending on where I want to retire to? E.g. Portugal versus Australia or South Africa?

    All that changes is the tax.


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    Dingle_berry wrote: »
    Apologies if this seems obvious or has been answered before but how does my pension work if I move outside the state when I retire?

    Do I still get the PRSI pension that I contributed to all of my career or must I remain resident in the state to claim it?

    What about a public sector pension? Private pension?

    Does it change depending on where I want to retire to? E.g. Portugal versus Australia or South Africa?

    Yes of course you still qualify for your pension, but how it is administered and what benefits you qualify for etc... depends on the country you decide to retire to.

    I'm only familiar with the situation in the EU/EEA/CH as that is what I have gone through.

    - In accordance with the FMOP agreement, you are entitled to retire to any of the 30 or so states that make up the EU/EEA/CH block, provided you have sufficient assets to do so. Which for Portugal you probable do in any case.

    - Only one country can be responsible for you from a pension and social security point of view and that is the one in the country where you are at retirement age. This is important because the decision can't be reversed. It is worth considering, because things can get complicated, for instance if I was to move to Ireland now, I'd need to go through the Swiss social services department to get a them to apply to the Irish authorities to get any of the additional benefits due to me as a pensioner resident in Ireland.

    - The country that pays the biggest part of your pension is also responsible for your healthcare situation. Again if I was to move to Ireland I would still have to pay Swiss health insurance because that is where my pension comes from and we have no benefits for retired people here.

    - Once you move to an EU/EEA/CH country you will be resident there and you will be fully subject to the laws of the country not just that tax rules.

    It's something that needs to be researched carefully before making any commitments.


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