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If you no longer live in the UK there are many advantages in transferring your UK pension to a New Zealand QROPS, like better access, the attractive tax regime in New Zealand on superannuation and the ability to retain your investments in sterling assets. However, the decision to move your UK pension also needs to be considered in the context of your tax situation and your investment profile.
The how, why and what of moving a UK pension to NZ
Your UK pension is probably worth more than you think
1A lot of people with final salary pensions, like the NHS, BP, Royal Mail and a host of others can have entirely unexpected pension values when it comes to transferring them.
We have seen plenty of instances where the transfer value of a fund is greater than the amount of salary the individual earned while working at the organisation.
So it is definitely worth discovering what the CASH EQUIVALENT TRANSFER VALUE OF YOUR FUND IS.
There are lots of benefits to moving your funds to a NZ scheme
2Distributions from New Zealand superannuation schemes are NZ tax free as they are considered capital distributions rather than income payments.
Members of NZ Schemes do not have to purchase an annuity – taking away a terrible decision on timing.
NZ Schemes have more benefit flexibility than UK schemes as they have different requirements to meet under QROPS rules.
A transfer to a QROPS takes time – which many don’t have
3If you have made the decision to transfer your UK pension to a New Zealand QROPS great. However, it is worth noting that the process of transferring can take some time – as a lot of UK pension schemes have long processing times and only correspond by mail.
Time is usually a factor in pension transfers and that is why using a pension transfer specialist is crucial as they will lower the time for transferring from months to weeks usually.