Creative Financial

Irish Pension Transfer

Institutions for Occupational Retirement Provision Scheme – IORPS

The ruling of the landmark case of Michael O’Sullivan V Canada Life Assurance (Ireland) Limited now essentially means that any personal Irish pension scheme can be transferred overseas irrespective of whether you have employment overseas or not.

Occupational pension funds in the EU benefit from the principles of free movement of capital and free provision of services. This freedom is supplemented by rigorous prudential standards, ensuring that pension fund members and beneficiaries are properly protected. The manner in which the EU achieves this is through Directives 2003/41/EC & 2016/2341 which regulates the activities of all Institutions which avail of these freedoms in relation to Occupational Pensions.

The combination of maximum flexibility and rigorous prudential standards means an IORPS is an ideal mechanism for the management of your retirement benefits..

Benefits of transferring a pension to Malta, our preferred location.


Malta is a respected, English-speaking established financial centre with robust overseas pension scheme legislation. It also brings the security of being a full member of the European Union.

Access your pension at 50 years of age.

No Fund Cap

Access to a wide range of investment opportunities – regulated & unregulated.

Tax Efficient – Malta has over 70 Double Tax Treaties (DTT), for residents of countries that have a DTT with Malta.

30% tax-free lump sum available – This is higher than the current Irish one (Irish pensions capped at a tax-free lump sum of €200K)

No Tax to pay on assets within scheme (with exception of immovable property in Malta).

Can nominate beneficiaries on your pension.

No Lifetime Allowance Charge.

Inheritance benefits – you can pass on your pension pot to your beneficiary upon death Inheritance Tax free.

You can combine various smaller pensions into one large pot resulting in only one annual management fee as well as the opportunity to benefit from the economies of scale by combining investment.

Avoid ongoing currency exchange fees by investing in the same currency as the country you reside in or in any currency of your choice.

Availability of IORPS occupational scheme pension structure as well as ROPS option.

Seamless & efficient transfers

Competitive & easy to understand fee structures.

You don’t need to live in Malta, you can remain in Ireland or move to a lower taxation country where a DTA is in place for example Portugal.

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