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Why Transfer Your Pension to the ITC Occupational Retirement Scheme?

  • Writer: Caroline Spiteri
    Caroline Spiteri
  • Mar 28
  • 2 min read

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The ITC Occupational Retirement Scheme complies with the IORPS II Directive, meaning it adheres to the EU’s framework for the free movement of capital and the free provision of services in occupational pension schemes. This is achieved through Directive 2016/2341, which establishes common standards to ensure that pension fund members and beneficiaries are well protected.


Moreover, the scheme meets HMRC’s ROPS requirements, allowing it to accept transfers from any UK-regulated pension scheme and to operate in line with ROPS drawdown rules.


Who Should Consider This Transfer?

  • Irish and EU nationals who reside or work in Ireland.

  • Irish and EU nationals with existing Irish pensions, especially occupational pensions.

  • Irish nationals with Irish pensions who are highly mobile in their careers.

  • Irish nationals planning to retire in another EU country.

  • British nationals residing or working in the UK who intend to retire abroad.

  • British and EU nationals with accumulated UK pensions.

  • Any EU national holding an occupational pension.


What are the benefits of transferring to the ITC Occupational Retirement Scheme?

There are numerous benefits to transferring your pension to the ITC Occupational Retirement Scheme. A few of these benefits are:

  • Tax efficiency: Malta has over 75 Double Tax Treaties (DTT) , for residents of countries that have a DTT with Malta

  • No overseas HMRC transfer charge applies, as the receiving scheme is an occupational scheme with a sponsor link.

  • No Lifetime Allowance Limit (Ireland) or Overseas Transfer Allowance (UK).

  • Nominate your own beneficiaries on the scheme.

  • Inheritance benefits: you can pass on your pension pot to your beneficiary upon death, Malta inheritance tax-free.

  • Access your pension from 50 years of age (UK accumulated pensions age 55); defer till age 75.

  • Up to 30% tax-free lump sum (25% for UK accumulated pensions).

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

  • No Fund Cap

  • Access to a wide range of investment opportunities

  • You can combine various smaller pensions into one large pot, resulting in only one annual management fee, and benefit from economies of scale by combining investments.

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

  • Seamless and efficient transfers when transferring from an Irish occupational scheme to a Malta IORP (revenue approval not required).

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