International Transfer Window Now Open for Irish Pensions

May 21, 2014

The Irish High Court recently considered the transferability of personal retirement savings accounts (“PRSAs”) to overseas jurisdictions. This decision could have important implications for the Irish pensions industry, which in 2012 held assets in excess of €80 billion, as the judgment removes a significant obstacle for those seeking to transfer certain pension funds abroad.

In the case of Michael O’Sullivan - v - Canada Life Assurance (Ireland) Limited, the Court examined whether a PRSA provider could reject the transfer request of a PRSA contributor on the grounds that there is no employment connection with the jurisdiction of the receiving PRSA provider. The Court also considered the implications of the bona fide (good faith) requirement for such transfers.

Read "International Transfer Window Now Open for Irish Pensions".