SIPP provider iPensions Group has annouonced the launch of a new Irish Transfer service, designed to enable Irish expatriates and people with Irish pension benefits to consolidate Irish, UK or other overseas pension benefits into a SIPP.
With the ability to transfer into iPensions' Adviser SIPP or Platform SIPP products, the Irish transfer service is available to individuals who are resident or employed in the UK, or those who wish to transfer for other bona fide reasons acceptable to the Irish Revenue.
Consolidating existing pensions into a SIPP provides flexibility on retirement planning and can provide currency choices as well as access to wider investment options and Discretionary Fund Managers. Clients will also benefit from the ability to take financial advice from a regulated Financial Adviser on their retirement planning options.
Demand for the transfer service has come from advisers looking for solutions which will enable them to support Irish expats and individuals who have previously worked in Ireland and now reside in the UK."
Transfers of Irish pension benefits overseas can only be made for bona fide reasons and not to circumvent Irish pension tax rules or Irish Revenue pension rules and conditions. Individuals residing or working outside the UK will need Irish Revenue approval for the transfer.
iPensions Group's transfer proposition benefits from the expertise of a senior team of Irish expats working at group level and was developed fully in-house.
Group CEO Sandra Robertson said: "Demand for the transfer service has come from advisers looking for solutions which will enable them to support Irish expats and individuals who have previously worked in Ireland and now reside in the UK."
"Leveraging our in-house experience and knowledge on Irish pensions, we have developed a transfer service which provides the flexibility of SIPPs to people with Irish pension benefits as well as providing an opportunity to get independent financial advice on their retirement options."
iPensions Group has made significant investments in technology as part of its growth strategy and has recently launched an Adviser Portal designed to save time on administration and provide round-the-clock access to client information. The new Adviser Portal enables advisers to complete the SIPP application process within minutes.
Details of iPensions Adviser SIPP and Platform SIPP are available at https://www.ipensionsgroup.com/irish-transfers/