A brief overview of Irish pension transfers.

1. The case for transferring your irish pension
Financial planning for each one of us is a matter of personal choice. Each
of us has to assume responsibility for his/her own future…”
‘The Pension Gap in Europe’
Aviva/Deloitte, September 2011
Key facts
The (Irish) Pensions Board estimates “70% of Irish pensions are underfunded and in
many cases, the deficit is substantial.
The return rate on the average Irish pension has been approximately 1.7% over the
past 10 years, losing to inflation
Defined benefit pensions have generally been closed to new members in Ireland. These
assets for current members are NOT guaranteed.
AIB unilaterally announced the closure of its defined benefit plan to existing members.
Independent News & Media with a deficit of €148m is considering the same course of
action.
Under the current rules, when existing schemes are wound up, existing pensioners take
priority, leaving those who have not reached retirement with reduced benefits.
Your pension, be it a defined contribution or a defined benefit, is subject to significant
taxation in Ireland. Further changes to government regulation cannot be ruled out.
Who is eligible
As a product of the Lisbon Treaty, European workers are able to enjoy the freedom of
movement of pensions. In short, if you have worked in Ireland, have an Irish pension,
and currently live outside of Ireland you may be able to transfer your pension, subject
to specific conditions. Generally such transfers are best suit to those with larger pension
assets, approximately €100,000 and above.

2. Benefits of a Transfer
1. Avoid concerns over scheme solvency
2. Increased investment choice to better suit your individual needs
3. Potential lump sums, income advantages, and currency options
4. Mitigation of taxes: universal social, austerity, capital gains & income
5. Consolidation of multiple schemes
6. Significant tax savings on death
7. Efficient passing of assets to your named beneficiaries
To find out if you qualify to make your pension your asset contact:
Kevin McNee
405 Lexington Avenue, 46th Floor
New York, NY 10174
Direct: 646-664-0687
Email: kevin.mcnee@devere-group.com