Deep risk of offshore pensions

Deep risk of offshore pensions
Malta is one destination in Europe for some private Irish pension funds but Revenue have spelt out the risks. Picture: Getty

People looking to avoid tax by transferring pension funds offshore face severe consequences when the Revenue comes calling

Over the crisis years, private pension capital has been raided for some €2 billion by the government levy. But it has also been subject to a squeezing of limits, restricting both tax relief and tax-free cash lump sums. The result has been a growing number of people looking for external escape routes within the EU, especially for transfer values out of employer pension schemes, as well as for PRSAs.

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