New Zealand’s leading source of information on QROPS, tax, legislation and pension transfers
IRD Amnesty closes – new rules kick in
New NZ tax rules started on 1 April 2014 for UK pension transfers, but many in the process of transferring have not considered that the new rules might give a better tax outcome than the amnesty and are potentially transferring themselves into a worse tax outcome find out more
the 5 steps to pension transfer success
You need to document that you have started the process of withdrawing your UK pension to a New Zealand QROPS. While this does not technically commit you to completing a pension transfer it does let you take advantage of the IRD amnesty.
Abiding by the new legislation is key – failure to do so and it’s no amnesty rate for you – it’s a technical area that we can easily navigate you through
and save your UK pension
and your tax position
30% better off on average with a pension transfer
£256bn deficit in UK final salary schemes
The decision to transfer a UK pension is a big one and you need to know the financial and tax implications as well as the pro’s and con’s to make an informed decision – don’t just blindly rush ahead because of a perceived amnesty.
If you have a final salary pension, like the NHS, BP, Royal Mail how does the transfer value stack up against the benefits that are being given up? What is the tax situation under the new rules, the old rules and the amnesty – which is the best outcome for you?
We give you all the answers in our customised UK transfer report produced by our licensed UK advisers that covers whether your scheme is at risk, assesses the transfer value and economics of a transfer as well as your tax obligations.
If a transfer looks like the right thing to do – you then need to select the right New Zealand QROPS for your current and future needs. It is not a one size fits all scenario.
We work with you to assess variables like your tax status, investment profile and whether you want to invest in sterling funds or kiwi dollar funds, future intentions to name but a few to determine the right scheme for you.
Our licensed NZ advisers help select the right QROPS for you, including our exclusive access to many QROPS, because we are not tied to any one fund we do not shoehorn into a particular QROPS – rather select the right one for you.
wide QROPS selection
sterling investment options
UK and NZ based teams
dealt with over 2,000 UK schemes
This is the final piece of the puzzle getting the funds to New Zealand. This is often the only service that most New Zealand companies provide (they ignore the three most important steps above).
However, none of them have the dedicated UK team that we have whose sole job is to efficiently deal with the UK pension providers during the UK day to get pensions transferred without delay – and record that process in entirety for your tax purposes.
5# Continuously assess
Because the HMRC wants to know what is going on with your funds for 10 years after you transfer your UK pension to a QROPS, you need to know that the QROPS you are going into has longevity and is committed to reporting.
This is the reason that we are widely regarded as the experts in UK pension transfers creating significant value for clients over the years.