Did you work in the UK for more than one year in the past? If so, you may be entitled to the UK State pension. You may also have a preserved benefit with a previous employer’s occupational pension scheme, for example, the NHS pension scheme. If you were working in the private sector or were self-employed you may also have a private pension in the UK.
Our experience has shown that many people are not aware that they might have UK pension entitlements or how best to utilise them. If you have previously paid National Insurance Contributions in the UK or have an entitlement to an occupational pension or private pension in the UK that you have not yet drawn down, we can help you identify your entitlements and the best way to access them being a resident in Ireland. We can update you with any important regulatory changes in both Ireland and the UK that may impact on your entitlements or create additional tax liability in the future – and perhaps help you avoid these.
Progressive Financial Services are registered tax agents with Her Majesty’s Revenue & Customs (HMRC). The initial consultation is free; any further investigations will incur a fee.
We will act on your behalf, and provide you with a full written breakdown of your existing entitlements and any options that are available, such as:
– Retaining your pension(s) in the UK i.e. leave it where it is and monitor it going forward)
– Transferring your pension(s) to your current employer’s scheme
– Transferring to a Personal Retirement Bond in Ireland (QROPS)
All our recommendations hinge around tax efficiency and optimum investment strategies. We will require the following information in order to perform a search of any entitlements:
– Your National Insurance Number
– Brief record of employment
Analysis of current financial situation
Review any credit facilities i.e. credit cards or loans
Review any savings and investment provisions i.e. deposits, unit-linked funds, share trading accounts, dividends
Review any pension provisions from current or former employment
Assess requirement for inheritance tax provisions
Write a comprehensive report outlining findings and making recommendations where necessary based on current market conditions and legislation
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