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"I found your company very helpful and straight forward to deal with. There has been a lot of speculation about what you can and cannot do with your pension and I felt that you explained all the options to me without a hint of any 'hard sell'. The decision ultimately rested with me and I was very comfortable using your company to transfer my pension. Dealing with LOGICA was always difficult in the UK so I was more than happy to pass that to someone else!"

Kevin

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Benefits

When planning your retirement in New Zealand you need to consider the benefits of transferring your pension from the United Kingdom to New Zealand. Below is a list of some of the benefits we can offer you to make your experience financially beneficial.

  • 70% of the original transfer value must be used to provide "Income for Life"
  • Distributions from NZ superannuation schemes are tax free as they are considered capital distributions rather than income payments
  • 30% of the remaining fund plus any growth/loss may be withdrawn as a cash lump sum after age 55
  • You do not have to purchase an annuity for fixed drawdown
  • No hidden costs. Financial disclosure requirements in NZ provide you with full scheme transparency with regards to fees
  • We can provide you with account balances as and when required
  • Regular investment returns will be provided to help you track your managed portfolio
  • Exchange rate issues in retirement should not become a problem
  • You can manage the investment of your funds via our QROPS New Zealand companies, who have access to a wide range of local and international investments which are multi managed
  • You will have total control over investment diversification
  • Regular contributions can also be made to your transferred value
  • You could receive significant tax advantages
  • Access your pension earlier than in the United Kingdom in some circumstances
  • Your pension will go to your estate in the event of death
  • Please note, transferring your pension is not for everyone. You may wish to seek UK/NZ financial advice before transferring your UK pension

Pension Schemes - NZ vs. UK

NZ

  • In some circumstances you can access a percentage of your fund once it arrives in New Zealand
  • Personal pension funds are accessible from age 55
  • To receive a State Pension you must have lived in the country a considerable time
  • Your full pension can be transferred to your estate if you pass away
  • No double taxation on your pension gains
  • You can get an account balance any day of the working week

UK

  • You can access 25% of your pension at pensionable age
  • Limited control over your pension
  • International monetary exchange rates may affect your pension values and benefits
  • Bank transfer fees become very expensive
  • Your full pension is unable to be transferred to your estate when you pass away in retirement

Your retirement will happen one day!

It might be close or some distance away. You might already be there. No matter what stage you're at, you need to plan for the future. And once you make your plan you need to make sure you stay on track and regularly review your progress and circumstances - and change things if you need to. One thing's for sure, if you don't plan for the future you won't be prepared for the future! But with the right advice and the right products you can approach retirement, and then enjoy it, with confidence.

Are there any risks?

Anyone considered to have abused the regulations may be subject to severe tax penalties of 55% of the pension fund for an unauthorised pension transfer on any wealth they still hold in the UK, or on returning to the UK.

Transferring to a QROPS may result in the loss of certain protected rights, including contracted out rights, or guaranteed rights accrued in a defined benefit scheme.

New Zealand regulatory body, the Financial Market Authority (FMA - http://www.fma.govt.nz) governs NZ superannuation schemes in your best interest.

*As we are not tax experts we recommend you take personal tax advise

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TELEPHONE: 0800 UK11NZ Global Footprints Partner