IPensions Group is expanding its offering for Irish expats to consolidate their Irish, UK or other overseas pension benefits into a self-invested personal pension (Sipp) with the launch of its Irish transfer service.
With the ability to transfer into IPensions’ Adviser Sipp or Platform Sipp products, the Irish transfer service is available to individuals who are resident or employed in the UK, or those who wish to transfer for other reasons acceptable to the Irish Revenue.
Consolidating existing pensions into a Sipp will help provide “flexibility on retirement planning” and can offer currency choices as well as access to wider investment options and discretionary fund managers, IPensions said.
The firm added that transfers of Irish pension benefits overseas can only be made for “bona fide reasons and not to circumvent Irish pension tax rules or Irish Revenue pension rules and conditions”.
Individuals residing or working outside the UK will need Irish Revenue approval for the transfer.
Demand
Sandra Robertson, group chief executive at IPensions Group, said: “Demand for the transfer service has come from advisers looking for solutions which will enable them to support Irish expats and individuals who have previously worked in Ireland and now reside in the UK.
“Leveraging our in-house experience and knowledge on Irish pensions, we have developed a transfer service which provides the flexibility of Sipps to people with Irish pension benefits as well as providing an opportunity to get independent financial advice on their retirement options.”
