Australian residents can transfer their UK pensions to NZ
– and enjoy all the benefits of NZ QROPS
Following the decision by the HMRC to remove all but one Australian superannuation scheme from the QROPS list last year, the Australian pension transfers market has been trying to reinvent itself and deliver a solution to the thousands of Australian residents with UK pensions. The answer to date has been the introduction of self-administered QROPS for over 55 years old. However, it is still not sure whether these schemes are fully compliant with the new HMRC regulations. Furthermore, waiting until 55 to transfer a UK pension to Australia is not an option for many as tax liabilities start accruing from 6 months after arrival in Australia.
New Zealand superannuation schemes that are registered as Qualifying Recognising Overseas Pension Schemes (QROPS) with the HMRC and are registered with Australian Securities and Investments Commission (ASIC) to offer the scheme in Australia are the perfect solution for Australian pension transfers. Such New Zealand schemes provide a host of benefits from Australian and Sterling denominated funds and tax efficiency when compared with UK schemes.
OZ Free Phone: 1800 857 410
Advantages of a transfer
Many British expatriates living in Australia transfer their UK pensions to New Zealand wanting to get the funds closer to where they live, protect themselves from any nasty future legislative changes and reduce their tax liability…read more
Types of QROPS
There are many QROPS in New Zealand and it is not a case of one size fits all. Schemes run from self-administered schemes offering ultimate investment flexibility, through to schemes offering life-stage investment offerings. Each type of scheme have different characteristics and it is important that you choose the scheme that best meets your needs…read more
Tax on Australian pension transfers
Done correctly there is no tax to pay on transferring your UK pension from the United Kingdom to New Zealand. Provided that the receiving scheme is a Qualifying Recognised Overseas Pension Scheme (QROPS) the UK scheme will make the transfer without any tax being levied. And provided you do not reside in NZ there will be no NZ tax…read more
Tax after a transfer
Investors are now more conscious of their post-tax investment returns, especially when recent financial market performance is considered. For Australian pension transfers from the United Kingdom to a New Zealand QROPS can enjoy significant tax benefits if they transfer into a scheme that offers tax free growth on their investments…read more
Full regulatory protection
Australian pension transfers get full regulatory protection from ASIC as Australian pension schemes must be registered in Australia. Fortunately New Zealand QROPS can register in Australia under the mutual recognition agreement that exists between New Zealand and Australia.
This gives investors in ASIC registered NZ QROPS the full protection of ASIC in Australia and the FMA in New Zealand…read more