Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 21.01.2021, 13:39
Junior Member
 
Join Date: Dec 2020
Location: Zurich
Posts: 71
Groaned at 9 Times in 3 Posts
Thanked 65 Times in 19 Posts
flakey has no particular reputation at present
Cannot move pension from Ireland to Switzerland?

Per title, I was told by pension scheme (AXA) at my Swiss workplace that this is not allowed?

Is this a blanket ban? I have several pension schemes which I would like to consolidate into one. Finding it hard to get any proper information when searching.

Appreciate any help/links.
Reply With Quote
  #2  
Old 21.01.2021, 13:57
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
Per title, I was told by pension scheme (AXA) at my Swiss workplace that this is not allowed?

Is this a blanket ban? I have several pension schemes which I would like to consolidate into one. Finding it hard to get any proper information when searching.

Appreciate any help/links.
If you were working in Ireland, I suspect no problem. I suspect AXA does not want the hassle of non Swiss schemes. Swiss pension returns are crap so I think you have been saved.
Reply With Quote
  #3  
Old 21.01.2021, 14:36
Junior Member
 
Join Date: Dec 2020
Location: Zurich
Posts: 71
Groaned at 9 Times in 3 Posts
Thanked 65 Times in 19 Posts
flakey has no particular reputation at present
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
If you were working in Ireland, I suspect no problem. I suspect AXA does not want the hassle of non Swiss schemes. Swiss pension returns are crap so I think you have been saved.
I was working in Ireland yes. I would much prefer to consolidate the pensions rather than have multiple floating around etc. I plan on Switzerland being a long term move so don't want the EUR exposure long term.

So I basically am stuck whilst my employer uses AXA?
Reply With Quote
  #4  
Old 21.01.2021, 14:37
Forum Legend
 
Join Date: Jul 2020
Location: Frick, Aargau
Posts: 2,876
Groaned at 63 Times in 51 Posts
Thanked 4,070 Times in 1,901 Posts
HickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond repute
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
Per title, I was told by pension scheme (AXA) at my Swiss workplace that this is not allowed?

Is this a blanket ban? I have several pension schemes which I would like to consolidate into one. Finding it hard to get any proper information when searching.

Appreciate any help/links.
Don't do it!!!!

You'll get a return of c. 1% a year. Keep it in Ireland and invest it sensibly in equities.
Reply With Quote
  #5  
Old 21.01.2021, 14:38
Forum Legend
 
Join Date: Jul 2020
Location: Frick, Aargau
Posts: 2,876
Groaned at 63 Times in 51 Posts
Thanked 4,070 Times in 1,901 Posts
HickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond repute
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
I was working in Ireland yes. I would much prefer to consolidate the pensions rather than have multiple floating around etc. I plan on Switzerland being a long term move so don't want the EUR exposure long term.

So I basically am stuck whilst my employer uses AXA?
Your currency exposure depends on what stocks you are invested in (which are the most important markets to those companies), not which currency your investments are held in.

For example my uk pension is mostly invested in US and China. The faxt it is Denominated in pounds is irrelevant. It could be in Zimbabwean Dollars and it wouldn't matter.
Reply With Quote
This user would like to thank HickvonFrick for this useful post:
  #6  
Old 21.01.2021, 14:51
Forum Legend
 
Join Date: Jul 2020
Location: Frick, Aargau
Posts: 2,876
Groaned at 63 Times in 51 Posts
Thanked 4,070 Times in 1,901 Posts
HickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond repute
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
Don't do it!!!!

You'll get a return of c. 1% a year. Keep it in Ireland and invest it sensibly in equities.
To emphasise the seriousness of this point I will use my own example.

I am 26 years from being able to access my uk pension. I have a very modest 55k saved in it.

Assuming 10% return (close to sp500 historical average) my pot would be worth 655k in 26 years.

If I moved it to Switzerland and got 1% it'd be worth 71k.

Following your plan would cost me c. 600k. (!)
Reply With Quote
The following 2 users would like to thank HickvonFrick for this useful post:
  #7  
Old 21.01.2021, 15:56
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 4,781
Groaned at 246 Times in 195 Posts
Thanked 7,857 Times in 3,464 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Cannot move pension from Ireland to Switzerland?

Quote:
View Post
Per title, I was told by pension scheme (AXA) at my Swiss workplace that this is not allowed?

Is this a blanket ban? I have several pension schemes which I would like to consolidate into one. Finding it hard to get any proper information when searching.

Appreciate any help/links.

Yes it is possible. Ask over on AskAboutMoney.Com, which is an Irish financial forum.


But be aware that there are significant disadvantages to doing so. For example, you will loose the right to a tax free lumps sum of up to 65k etc...
Reply With Quote
This user would like to thank Jim2007 for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Where to move 2nd pillar pension fund? Quelle Finance/banking/taxation 5 15.05.2019 11:19
move from Northern Ireland Swissintl Transportation/driving 6 09.10.2014 15:54
UK Pension to 3a move possible? CH_ch Finance/banking/taxation 1 08.10.2011 14:11
Documents needed to move from Ireland to Zurich carmengall Permits/visas/government 6 25.11.2010 08:06
Considering possible move to Zurich from Ireland! shaunos Introductions 6 02.07.2008 19:22


All times are GMT +2. The time now is 10:03.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0