Irish and European Pensions

Irish and European Pensions

If you are unsure of any important information regarding your pensions, I can help you locate the pension and find out all the information you need to make an informative decision.

What is EURBS?

‘EURBS stands for European Union Retirement Benefits Scheme — allowing individuals to transfer their accrued pension into another EU jurisdiction when they move abroad or retire.

Traditionally, when an individual leaves a job position, their pension is frozen with no access to their money. However, European Union legislation allows freedom of movement of pensions between different EU countries and as such, via EURBS, pension holders can now transfer their substantial funds to another country when they retire to a different jurisdiction.
The EURBS is a Malta-domiciled pension scheme. Malta is a full member of the European Union and has a long history of economic and financial security. Every pension scheme is registered with the highly-respected Malta Financial Services Authority.

By transferring your pension into a Malta retirement scheme, not only will you have greater investment opportunities, but you will also be able to receive a lump sum, depending on your previous scheme and retirement destination and the potential to pass on your pension fund to your beneficiaries in full in the event of your death.

The Malta retirement scheme is also written to meet the UK HMRC recognised overseas pension rules.

Benefits of transferring your pension to an EURBS

If you transfer your pension into a retirement plan that is based in another jurisdiction within the EU and you plan to retire abroad permanently, then the benefits open to you could help you live your retirement years with greater flexibility and benefits.

The major advantages of transferring your pension into a Malta retirement scheme can include:
• Greater investment freedom with the flexibility of investing in a wide range of funds and investments
• Access to your pension as early as 50
• The ability to pass on pension funds to your beneficiaries upon your death
• Tax-efficiency
• Up to 30% of the fund as a lump sum
• A flexible currency choice
• Inheritance mitigation opportunities

For your pension payments to become more flexible, it may be beneficial to transfer your pension into a EURBS in a neutral location, such as Malta.

Once transferred to a Malta-based pension, it is possible to have benefits paid gross from Malta depending on availability and definition of a tax treaty with the jurisdiction of residency.
Who is eligible to transfer to an EURBS?

To be able to transfer your accrued pension to a EURBS in another jurisdiction you must be:
• Between the ages of 18 and 70
• Have a substantial pension of at least €50,000 to transfer
• Ideally, you will planning to reside permanently overseas or living in the country you have retired

Potential EU jurisdictions allowing transfers include Ireland, UK, Switzerland, Netherlands and Belgium.

What happens if I leave my pension In my Home country?

If you decide to leave your pension in your home country when you retire abroad, you could potentially face:

• The application of higher tax rates
• The inability to pass on the remainder of your pension to your beneficiaries upon your death, including your spouse and children
• Poor investment flexibility and choice
• Below-average growth in your pension fund
• Currency issues

EURBS Solutions

Effective planning for your retirement can make the difference between just being able to live and having the retirement of your dreams. If you have a substantial pension and are planning to retire abroad, it makes sense to get professional financial advice.

If you are Irish and would like more more information on the benefits of moving an Irish pension to an EURBS, please contact me and I will send you more detailed information on transferring Irish pensions.

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