Can You Transfer a Pension Out of Ireland? A Complete Guide

This guide explains which Irish pensions can be transferred overseas, the conditions that apply, the transfer process and the tax considerations to understand before making a decision.

What Pensions Are Available in Ireland, and Are They Transferable?

The Irish pension system offers multiple options for saving money toward retirement, the most common ones being:

1. Occupational pension schemes
2. Personal pensions
3. Unfunded public sector pension schemes
4. MyFutureFund

Occupational Pension Schemes

Occupational pension schemes, sometimes referred to as company pension plans, are arrangements through which employers provide retirement benefits to their employees.

There are three types of occupational pension schemes:

• Defined benefit (DB) schemes: These schemes promise a specified retirement benefit, usually based on the member’s salary and years of service. The employer is responsible for funding the scheme so those promised benefits can be paid.
• Defined contribution (DC) schemes: These schemes combine contributions from both the employer and the employee to invest in a range of assets that will secure the employee’s pension. The benefits received at retirement will depend on the total contributions made, the performance of the investments, and any associated costs.
• Hybrid schemes: These schemes include elements of both DB and DC schemes. They offer a degree of income predictability similar to that of DB schemes with the investment flexibility of a DC scheme.

Many DB and DC schemes can be transferred from Ireland, provided you meet the Irish regulatory requirements, including those set by the Revenue Commissioners (Ireland’s tax authority). These requirements differ depending on where you’re living and whether you’re transferring to an EU member state, the UK or outside the EU.

Personal Pensions

A personal pension is a retirement savings plan held in your name, it’s not connected to a specific employer. Personal pensions are a suitable option for:

• Self-employed individuals
• Individuals working for an employer that doesn’t offer occupational pension schemes

There are several types of personal pensions in Ireland, including:

Personal Retirement Bonds (PRBs) can be transferred directly to a UK pension scheme regardless of where you live, under specific Revenue rules that apply only to PRBs (not to other Irish pension types).

Transfers from PRSAs and Retirement Annuity Contracts (RACs) are more restricted and complex. While technically permitted under Irish legislation, both typically attract a tax charge, and non-EU PRSA transfers are generally treated as a full encashment for tax purposes. For HNW expats, neither route is straightforward and both should be evaluated against alternatives (such as leaving the pension in place) before proceeding.

Unfunded Public Sector Pension Schemes

Unfunded public sector pension schemes refer to the non-commercial public sector and are provided to teachers, civil servants and Gardaí (Ireland’s national police service). The schemes operate on a pay-as-you-go basis, with current workers’ contributions funding current retirees’ pensions.

This type of pension cannot be transferred abroad because benefits are paid directly by the Irish government. While you can receive payments overseas, the pension itself remains in Ireland.

MyFutureFund

From 1 January 2026, Ireland operates a statutory auto-enrolment retirement savings system, MyFutureFund, administered by the National Automatic Enrolment Retirement Savings Authority (NAERSA).

The programme automatically enrols employees who:

1. Are aged 23–60.
2. Earn at least €20,000 a year.
3. Are not already contributing to a qualifying pension through payroll.

Once enrolled, you contribute a percentage of your pay (phased in over ten years), with matching employer contributions and a State top-up of €1 for every €3 you contribute. Contribution rates increase every three years until they reach their maximum in year ten:

MyFutureFund is particularly relevant to expats returning to Ireland for employment who do not have a pre-existing qualifying pension arrangement. Holders of an existing occupational scheme or PRSA contributed through payroll are exempt from auto-enrolment if two conditions are met:

1. Minimum employer contributions of 1.5% of an employee’s gross pay (or a maximum of €1,200 per year).
2. Minimum total contributions of 3.5% of gross pay (or a maximum of €2,800 per year).

As of this writing, MyFutureFund contributions are entirely locked to domestic operations. The scheme does not currently allow transfers into or out of the scheme, so you cannot directly transfer a MyFutureFund pension to an overseas arrangement.

MyFutureFund is a relatively new scheme, so anyone considering an overseas move should check the latest Revenue and NAERSA guidance before making decisions based on the current rules.

The Implications of Transferring Your Irish Pension Abroad

An Irish pension transfer overseas may simplify the management of your retirement savings and provide access to a wider range of investment options. Whether it results in a more favourable tax outcome depends on your pension, your tax residency and the laws of the destination country.

However, the transfer carries significant implications you should be aware of before beginning the process, including:

• Taxation implications: According to Revenue, all overseas pension transfers are Benefit Crystallisation Events, which means you could be liable for tax if the value of your pension exceeds the Standard Fund Threshold (SFT). For 2026, the SFT is €2.2 million, having increased from €2 million on 1 January 2026 under the Finance Act 2024 phased schedule. The Chargeable Excess Tax rate is 40% on the excess, and depending on your circumstances, the overall tax burden can be significantly higher once subsequent Income Tax, USC and PRSI are taken into account. The phased schedule continues at €200,000 per year: €2.4 million in 2027, €2.6 million in 2028, and €2.8 million in 2029. From 2030, the threshold will be indexed annually in line with average weekly earnings. The €500,000 maximum tax-efficient lump sum is fixed and will not increase alongside the SFT.
• Loss of protection under Irish legislation: Once an overseas transfer is completed, the pension will generally fall under the legal and regulatory framework of the receiving jurisdiction rather than Ireland’s.
• Potential loss of benefits: Your new pension may not provide the same benefits as your current Irish scheme.
• Unexpected or high costs: Transferring a pension abroad often involves multiple fees. Your current provider may charge an exit fee, while your new provider may charge setup or ongoing fees. Depending on your arrangement, there may also be costs associated with processing the transfer. Understanding these costs before proceeding helps you decide whether the transfer is financially worthwhile.
• DTA limitations: The way Ireland’s double taxation agreements (DTAs) allocate taxing rights over pensions varies considerably between treaties. As a result, the tax treatment of a transferred or accessed Irish pension depends on both the relevant treaty and the domestic tax rules of the countries involved.

Professional pension transfer advice is often advisable where an overseas pension transfer involves multiple tax jurisdictions or complex pension arrangements.

An experienced specialist can explain the practical, legal and tax implications of a transfer, helping you assess whether it is appropriate for your circumstances.

What Are the Requirements for a Pension Transfer?

Your pension type is only one factor that determines whether it can be transferred overseas.

Revenue permits overseas pension transfers only where the relevant legislative and administrative conditions are satisfied, as set out in the Tax Consolidation Act and the Revenue Pensions Manual.

Acceptable reasons for transferring your pension include:

1. Consolidating pensions into one scheme for simplified management.
2. Managing retirement funds in your local currency to help reduce exchange rate risk.
3. Avoiding double taxation and the administrative complexities associated with claiming annual tax refunds under a double taxation agreement. While Irish DTAs exist, they do not automatically guarantee pension transfer relief. The tax treatment depends on the receiving scheme, the relevant treaty provisions and the domestic tax rules of the countries involved.

Revenue updates its Pensions Manual periodically, so the latest version should always be consulted before initiating a transfer.

Requirements for Transferring Occupational Pensions and PRSAs Out of Ireland

Under the Occupational Pension Schemes and Personal Retirement Savings Accounts (PRSA) Regulations, several conditions must be satisfied before making an overseas pension transfer. Trustees and PRSA providers must ensure that:

• The receiving scheme is deemed “relevant” under Section 770 of the Tax Consolidation Act (TCA).
• The scheme is approved or regulated by a competent authority in the destination country.
• The member has personally requested the transfer.

To satisfy the first two conditions, trustees or PRSA providers must obtain written confirmation from the administrator of the overseas scheme.

The precise requirements differ depending on whether the transfer involves an occupational scheme or a PRSA, and whether the transfer is to an EU member state or a non-EU country.

For retirement annuity contracts (RACs), benefits generally need to be transferred to a PRSA before any onward overseas transfer can be considered, although this route can be complex and may result in tax charges.

Occupational Scheme Transfers

Transfers from Irish occupational pension schemes may proceed under the following conditions:

• EU transfers: The receiving scheme must be operated by an Institution for Occupational Retirement Provision (IORP) under the EU Pensions Directive (Directive (EU) 2016/2341) and be based in an EU member state that has implemented the directive.
• UK transfers: Following Brexit, the UK is no longer subject to IORP II. Transfers to the UK are governed by separate Revenue Pensions Manual provisions that continue to recognise eligible UK pension schemes as permitted destinations.
• Non-EU transfers: Permitted only if the individual is employed in the country where the receiving scheme is located.PRSA Transfers

PRSA Transfers

While PRSAs are technically transferable under Irish Revenue guidelines, they are subject to significant practical limitations.

• EU transfers: Permitted where the transfer satisfies Irish Revenue requirements.
• Non-EU transfers: Only permitted to the country in which the member is resident and generally treated as a full encashment for tax purposes, potentially triggering income tax on the full amount.

Given these constraints, PRSA transfers often require careful analysis before proceeding, particularly where tax charges may arise.

The Steps for Transferring an Irish Pension Abroad

The exact process for transferring an Irish pension overseas depends on your pension type, tax residency and the destination country. In most cases, it involves the following steps:

1. Consulting a pension transfer specialist: Where a transfer involves different tax jurisdictions or complex pension rules, professional advice can help you understand the legal, tax and practical implications before proceeding.
2. Collecting information on your current pension scheme: Your adviser will ask you to sign a document authorising them to contact your pension provider in Ireland and obtain details of your pension to assess whether it is eligible for transfer.
3. Reviewing your financial objectives: Your adviser should assess your financial circumstances, retirement plans and future objectives to determine whether an overseas transfer is appropriate for your situation. For example, they may ask whether you intend to return to Ireland, as this could influence the long-term suitability of transferring your pension.

Depending on the services provided, an adviser may also offer ongoing support after the transfer, including reviewing your pension investments and helping you consider the long-term tax and financial implications of your retirement planning.

Can You Access Your Irish Pension Abroad If You Don’t Transfer It?

In many cases, you can continue to receive benefits from your Irish pension while living abroad without transferring it, although the rules depend on the type of pension and the applicable tax legislation. Tax implications may still apply.