Ireland Pensions transfer to Non-EU countrie’s International pension schemes-Pension Portability option to India.

Any Indian/PIO/OCI/NRI working in Ireland should know that portability of  pensions are a extremely complex area and before leaving Ireland the Member should sought expert advice on transferring his/her Ireland pensions to India or to any other jurisdictions of his/her choice. In case, the Member is planning to leave Ireland for short period of time, then the Member should look at tax impacts if the Member wishes to continue to contribute to Irish pension account while being in Overseas & also the tax implication on the returns earned by the Irish pension scheme whilst Member is in Overseas.

The protection riders like social security and any other extra benefits or amount of pensionable service the transfer value payment of Ireland pension pot will buy in the receiving pension scheme in other countries will depend on the overseas country.

In case, if an India based Ireland resident moving to the countries that are covered by EU & EEA regulations, it is treated in the similar way as the country’s own residents. In such a scenario then the Member has to fill prescribed forms like E104 etc., that will give the details of social security details to avail benefits claim.

The pension board is obligated to oversee occupational pensions and PRSAs when it comes to transferring pensions to overseas scheme. There are few important requirements under the provisions of ‘The Occupational Pension Schemes & Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations to be adhered to before to an Overseas transfer being made under the provisions of Pensions Acts. The following are the important requirements to be adhered to:

a)       The trustees or PRSA provider are required to obtain written confirmation from the trustees, custodians, managers or administrators of the overseas arrangement, to which the transfer is to be made, to the effect that the overseas arrangement provides "relevant benefits" within the meaning of  relevant provisions of Taxes Consolidation Act.

b)      The trustees or PRSA provider must be satisfied that the overseas arrangement is approved by an appropriate regulatory authority for the country concerned.

c)      The trustees or PRSA provider of the Irish arrangement must obtain from the member of the arrangement or the PRSA contributor wishing to make the transfer such information as may be approved by the Pensions Board.

India based Ireland expats can make the most by transferring their Ireland pensions to an IRDA recognized pension scheme in India. Many India based Ireland expats like Doctors, engineers & other highly qualified professionals working in Ireland & have contributed & still have been contributing to Personal Retirement Savings Account (PRSA) in Ireland.

To know in detail about the benefits or amount of pensionable service the transfer value payment of Ireland pension pot will buy in the receiving pension scheme in India & also To know more about the options, pension schemes available in India to get your Ireland pensions transferred, I wish to schedule a free, no obligation telephone consultation to discuss ways I can help yourself and any of your colleagues who has accumulated pension fund in Ireland. I can also be reached with the following contact details.

Mr Ravi Kumar. Financial Consultant (Code: 60272381), Exide Life Insurance Co Ltd. Branch- B 21, # 28, 6th floor, Centenary building, M.G Road, Bangalore-560 001.

Cell:     +919844519872, +919980927393
Email:  ravi.sampige@gmail.com