SIPP provider iPensions Group has launched a new service enabling Irish expatriates and people with Irish pension benefits to consolidate Irish, UK or other overseas pension benefits into a SIPP with the launch of a new Irish Transfer service.

The service provids the ability to transfer into iPensions’ Adviser SIPP or Platform SIPP products.

The company says the Irish transfer service is available to individuals who are resident or employed in the UK, or those who wish to transfer for other bona fide reasons acceptable to the Irish Revenue.

Transfers of Irish pension benefits overseas can only be made for bona fide reasons and not to "circumvent" Irish pension tax rules or Irish Revenue pension rules and conditions, says iPensions.

Individuals residing or working outside the UK will need Irish Revenue approval for the transfer.

iPensions Group’s transfer proposition has a senior team of Irish expats working at group level and was developed in-house.

Group CEO Sandra Robertson said: “Demand for the transfer service has come from advisers looking for solutions which will enable them to support Irish expats and individuals who have previously worked in Ireland and now reside in the UK.

“Leveraging our in-house experience and knowledge on Irish pensions, we have developed a transfer service which provides the flexibility of SIPPs to people with Irish pension benefits as well as providing an opportunity to get independent financial advice on their retirement options.”

iPensions Group has invested in technology as part of its growth strategy and has recently launched an Adviser Portal. The new Adviser Portal enables advisers to complete the SIPP application process quickly.