Category Archive for: ‘New Zealand news’

Exploring hidden value in CETV’s

We see many examples of people receiving and accepting a cash equivalent transfer value as gospel and what’s more their supposed ‘QROPS pension transfer’ experts that they have engaged do the same. So why do people blindly accept these transfer values? Usually it’s because they feel that the calculations that have produced them are extremely complicated.   Our experience shows …

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Splitting a UK pension transfer divorce or separation

  As with any asset a pension is generally shared when it comes to matrimonial asset splitting. In this article we explore splitting a UK pension transfer; divorce or separation can lead to the need to the split a UK pension, but unlike some other financial instruments they can be messy to unwind particularly because it is a pension and …

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Paying your tax liability on UK pension transfers

  We have had an enormous number of people that have transferred their pensions to New Zealand in the past contact us recently worrying that they have a tax liability and wondering how they are going to pay it if they do have one. This has not been helped by: A lack of information from the IRD on the subject …

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IRD to start chasing tax

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  The IRD estimate 70% of NZ residents who have transferred a pension after 1 January 2000 have a tax liability There is a limited window left to declare under an amnesty to potentially reduce your tax bill on the transfers If you don’t declare under the amnesty the IRD are about to ask you why – and they have …

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Pension transfer times blow out causing tax headaches

  Pension transfer times have increased dramatically since the introduction of new regulations in the UK form 6 April 2015. In a raft of legislative changes the HMRC: Now require UK pension schemes to undertake their own due diligence on the schemes that they are transferring to Require any transfer of a defined benefits scheme where the value is over …

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New NZ regulations to cause more turmoil

  Access to funds from NZ superannuation schemes to be extremely limited at age 55 Schemes can change their rules without your consent Rules will change on 1 December 2016 at the latest     Since the turmoil of UK regulations that eliminated all KiwiSavers and Australian schemes as qualifying recognised overseas pension schemes (QROPS) – therefore not allowing UK …

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QROPS list changes – Australian and KiwiSaver Schemes no longer QROPS

  If you are currently transferring your pension to an Australian QROPS or KiwiSaver scheme action is immediately required to avoid a 55% tax on the transfer If you have already transferred into an Australian QROPS or KiwiSaver you may be stuck permanently The industry is in shock following recent QROPS list changes – but they were publicised early   …

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Issues with Kiwisaver QROPS

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If you are currently transferring your pension to a KiwiSaver scheme action is immediately required to avoid a 55% tax on the transfer If you have already transferred into a KiwiSaver you may be stuck in that scheme to 65 The industry is in shock following recent rule changes – but they were publicised early   The KiwiSaver industry is …

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