Getting the most out of your Pension - even if it's in the UK ! 

Dr Gary EllisonWhen you finish working you'll need an income to retire on, and unless you want to be simply surviving on the Irish State Pension of €233 per week then it's essential that you have some form of private pension. Now many people are put off starting their retirement planning because of the perceived cost but there are many ways to build up finance in order to generate such income. 

Tax Advantages

First and foremost, you should take advantage of the generous allowance provided by Revenue. Revenue will contribute 41% or 20% of your pension savings premium as a tax free allowance making it far easier to accumulate your final pension fund. But of course it's not just how much you contribute but also when you start. The age old rule of the earlier the better definitely applies to retirement planning – the “rolling snowball” effect. 


One other cost efficient area to explore is to make sure that any pension benefits that you might have accrued while working abroad are transferred to you in Ireland. Just because you've moved back to Ireland doesn't mean that you forego these. Did you previously work in the UK? If so, did you work for a Company that provided you with a company pension? Or did you save into a personal pension plan in the UK? If so, these pension funds can be traced, retrieved, and transferred over to you in Ireland and provide you with a pension fund in Ireland in your name and thus a major “kick-start” to building your pension or a substantial addition to your existing pension fund. Generally, the pension fund can be transferred over tax free – by a Revenue approved transfer system called QROPS (Qualifying Recognised Overseas Pension Scheme).  

By the time you reach retirement, it is too late to plan. You need to start a personal pension if self-employed or a Directors Executive Pension if you have a Ltd Company.  Or if you are seeking new employment as PAYE, then join an Employer/Company that offers a company pension plan – one where the Employer will contribute premiums to your pension. 

How to transfer your pension

Gary Ellison of Ellison Financial Consultants are Financial Brokers and Specialists in Pension Transfers from UK to Ireland.  In addition, they can carry out your pension transfer for you and help and advise you on pension fund growth and choices in maximising your income in pension encashment and retirement.    


Gary Ellison,

Ellison Financial Consultants:

Tel: +353(0)1 8038105,

Mob:+353 (0)87 2589894,

Email: This email address is being protected from spambots. You need JavaScript enabled to view it. ,