Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.
Hi all, please see this major site announcement: https://www.boards.ie/discussion/2058427594/boards-ie-2026

UK private pension and taking 25% tax free

  • 01-02-2025 03:38PM
    #1
    Registered Users, Registered Users 2, Paid Member Posts: 5,891 ✭✭✭


    I have a UK private pension in UK , every year I a get a statement saying the overall amount and how much I would get at 25% tax free and rest over my lifetime.

    Now I have just read a article of someone Iin a similar situation but it was mentioned to them this may not be possible as I they longer have a UK bank account only a Irish one, as the same as me,I will only be able to withdraw the whole pension to a Irish bank account but would be heavily taxed on it, anyone know if this is the case, thanks.

    ( Have asked my pension provider,reply speak to a financial advisor not very helpful I wasn't asking to with draw it)



Comments

  • Registered Users, Registered Users 2 Posts: 7 K61


    I got the 25% tax free from a UK pension paid into my Irish account. No issue, just provided IBAN and BIC to the pension administrators.



  • Registered Users, Registered Users 2, Paid Member Posts: 5,891 ✭✭✭SCOOP 64


    Did you take rest in one lump or paid monthly over your life time and are you taxed on what option you taken.



  • Registered Users, Registered Users 2 Posts: 7 K61


    I am in process of taking the rest monthly. Its not enough to attract tax in UK but with other pensions coming in and having to declare to IE revenue I decided to fill in the double taxation form from HMRC so that I can deal with it all here in Ireland. I know some people don't declare small pensions but I'm probably one of the few people who would be asked "where did that money come from?" My situation is complicated by having lived and worked in multiple countries with multiple jobs in each, so I'm trying to streamline all the pensions.



Advertisement
Advertisement