As I advised the Deputy in response to Parliamentary Question No. 100 on 26 February last, the transfer of deferred benefits may be made from an occupational pension scheme or a Personal Retirement Savings Account (PRSA) to an overseas pension arrangement, once such a transfer complies with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations 2003, available at www.irishstatutebook.ie/eli/2003/si/716/made/en/print.
The Regulations are under the remit of the Minister for Social Protection and prescribe the conditions for transfers to pension arrangements established outside the State.
I am advised by Revenue that a member of an occupational pension scheme or a PRSA contributor who directs the trustees of the scheme or the PRSA provider to make a payment to, or transfer assets to, an arrangement for the provision of retirement benefits outside the State (i.e. an overseas arrangement) under the provisions of the Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations 2003 (S.I. No. 716 of 2003) is required, prior to any transfer to sign the following declaration:
I declare that the transfer request I am making conforms to the requirements of the Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations 2003 (S.I. No. 716 of 2003) and to Revenue transfer rules, is for bona fide purposes and not for the purpose of circumventing Irish pension tax rules and Revenue pension rules and conditions.
Revenue require that a copy of this declaration is submitted to Revenue by pension scheme administrators and trustees, Life Offices and PRSA providers within seven days of it being signed.
