How do i transfer a private pension from the republic of ireland to a bank in scotland where i now live?
I lived in the Republic of Ireland for ten years then i moved back to scotland. I informed the bank of ireland about this and they said i could transfer the pension to a bank over here. I can not find a bank that will do this, If anyone else has actually done this can you advise me as i am worried about losing this money.
Are you already receiving this pension? Just say which bank account you want it to be paid into, and it will be done from source. There are many Irish people receiving English pensions here this way, and it works in reverse as well. At the receiving bank, it is treated as a foreign exchange transaction. At the moment, with the Euro being strong, you will get a decent return. If the exchange rate goes back to the way it was, with one pound sterling again worth a lot more than euro, your pension won’t be good value once the bank takes its slice in fees.
Just phone around pension companies in your area and ask them for a projection on your fund and see if its worth transferring the fund.
Bear in mind that some pensions carry penalty points if moved and it may not be worth changing.
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Just to add my pension fund is in England and I live in Spain.
References :
Are you already receiving this pension? Just say which bank account you want it to be paid into, and it will be done from source. There are many Irish people receiving English pensions here this way, and it works in reverse as well. At the receiving bank, it is treated as a foreign exchange transaction. At the moment, with the Euro being strong, you will get a decent return. If the exchange rate goes back to the way it was, with one pound sterling again worth a lot more than euro, your pension won’t be good value once the bank takes its slice in fees.
References :