If you are looking to move to New Zealand and have a pension in the UK you need the help and guidance of Pension Transfers. Our specialist services will ensure that you maximise the opportunities that are available to someone moving to NZ.
When moving to NZ you will have 2 options with your UK pension. You can leave your pension in the UK and receive benefits when you retire.
However, any pension paid from the UK would be subject to tax in New Zealand. Alternatively, when you move to New Zealand you can transfer your pension with you, moving it to a NZ pension. For people who emigrate to New Zealand, transferring your pension could be the better option as you can receive your benefits tax-free.
Pension Transfers will produce a Free Pension Transfer Analysis Report for people emigrating to NZ. The report will investigate whether you would benefit from a move of your UK pension to New Zealand, where benefits can be taken TAX FREE. You will also have “currency control” on the transfer, allowing you to keep the pension fund in Sterling under your new NZ pension when moving the pension to New Zealand from the UK.
If you are going to live in New Zealand, you may prefer to have the pension in the country that you intend to retire. The New Zealand pension system may offer you better opportunities as you will be living in New Zealand.
In April 2012 the UK government amended the conditions that a scheme has to meet to be a qualified registered overseas pension scheme (QROPS), especially if you are moving to New Zealand. The QROPS regime allows transfers of pension savings from UK registered pension schemes to QROPS to be made free from tax.
Extended reporting period
If you are living in New Zealand, QROPS providers must report any payment to investors for 10 years after funds are transferred out of a UK pension scheme.
Limit on Lump-Sum payments
QROPS lump sum payments are limited to 30% of the fund while living in New Zealand.
When you move to NZ, you will be offered access to the “Kiwi Saver” pension with your New Zealand job. Your New Zealand employer will make contributions to this pension scheme, along with your contributions. You may like to keep all your pensions in “one pot” when living in New Zealand, so moving your pension to NZ from the UK will allow you to achieve this objective. Your Kiwi Saver will be portable, allowing you to keep your pension with you in the various jobs in New Zealand. Most NZ jobs will offer you access to the “Kiwi Saver” pension.
You may not have realised the added pension benefits now that you are considering immigration in New Zealand. To recap, immigration in NZ will allow you to transfer your pension with you and receive benefits TAX FREE.
Commissioning a FREE report from Pension Transfers will give you all the facts you will need to make an informed decision on whether you would like to transfer the UK pension with you when you moving to New Zealand from the UK. With regulated offices in both UK and New Zealand, we are best placed to provide the best advice for you when you decide to emigrate to NZ.
Before transferring your UK pension, be sure to seek independent financial advice applicable to your individual circumstances, as transferring pensions is not for everyone. You should always look to use a company that is authorised and knows the rules in both countries, to ensure you receive the best advice and service. Pension Transfers helps people moving to New Zealand from the UK and can also assist with Jobs in NZ.
If you are emigrating to New Zealand Pension Transfers can also help you find Jobs in New Zealand through a partner company Global Footprints – www.globalfootprints.co.uk
