hi hope you can help. My husband is irish and worked in england for 12 years before returning home 9 years ago. He has been told that he could get his pension money now from there put into one of these qrops and that he would be able to access it immediately he is 43 Is there any info you could give us on this ? we would be very greatful thanks
Qrops refers to qualifying recognised overseas pension schemes. It’s a term more used in the UK when people are transferring pension funds into the UK. In some cases, it can be possible to transfer into certain Irish pension funds, subject to qualifying criteria, but they usually have to match the equivalent scheme rules that they are coming from. For example, if it was a type of personal pension over there, then it would go into a similar type of fund here and could not be accessed before age 60. If it was a company type scheme over there, it would go into similar here and the earliest it could be accessed would be 50 (the options to draw from any pensions at those ages have certain conditions as well and they depend on what other income the person would have at retirement stage but as he is only 43, that’s not as relevant in your case at this stage.)
The main point is that even if everything fits the qualifying rules to transfer into a fund here in Ireland, it could still not be accessed immediately. The only other possible option is if the UK scheme will allow him to access it directly and pay an exit tax but only the UK scheme could answer that. I hope that helps but if you have any further questions or want me to look at the specifics, please contact me. Dave.