Formula method getting great tax results on UK pension transfers

Posted on September 13, 2019September 13, 2019 by simon

Overlooking the formula method for tax on pension transfers is dangerous. If you have been in New Zealand for longer than four years and want to transfer a UK pension (or any overseas pension) then you have tax pay on the transfer. There are two methods for calculating the tax...Read More

Brits leaving NZ need to sort out any UK pension they’ve transferred to NZ

Posted on August 29, 2019August 29, 2019 by simon

Recent official statistics for New Zealand show that some British migrants are chosing to return to the UK. A recent Stuff.co.nz article suggests high rents and cost of living coupled with bad traffic are driving some people away.  Changes of heart and circumstances always have an impact on the movement of people...Read More

HMRC regulations slowing the pace of international pension transfers, but values remain high

Posted on August 12, 2019August 12, 2019 by simon

Transfers to QROPS are still popular with expats, and people returning home from working in the UK. Since QROPS started in April 2006, some 123,100 retirement savers have transferred a massive £11.41 billion into offshore pensions. Our analysis suggests New Zealand accounts for about a sixth of all the transfers,...Read More

Malta regulator gets tough – leaves NZ and OZ residents with Malta QROPS stranded

Posted on June 12, 2019June 14, 2019 by simon

Over 30,000 people have transferred their UK pensions to a Malta QROPS even though they don’t live there.  We have spoken with many Malta QROPS pension schemes and they have confirmed to us, “they have plenty of New Zealand and Australian resident members that have transferred in UK pensions”.  This is surprising...Read More

Is the schedule method over taxing UK pension transfers?

Posted on February 21, 2019June 14, 2019 by simon

Defined benefit pensions in the UK set a defined benefit at the date of leaving the scheme.  This benefit is based on the final salary of the employee and the length of service that they performed with the scheme.  Over time the level of benefit grows with UK inflation and is generally...Read More

Sold a Malta or Gibraltar QROPS pup – deal with it before it bites

Posted on January 25, 2019February 17, 2019 by simon

Over the years, but far more regularly lately we’ve come across many people who have been sold a “pup” by slick overseas advisers and moved their UK pensions to Malta or Gibraltar whilst living pernamently in Australia or New Zealand.   Advisers from firms like Holborn and Global Eye, fly...Read More

Defined benefit FCA advisers a shrinking pool – with real consequences

Posted on January 15, 2019June 24, 2019 by simon

  If you want to transfer a UK defined benefit pension the UK regulator (the FCA) has made it really blinking hard. If your pension has a transfer value of over GBP30k, which is not a lot really, you need a UK regulated FCA adviser to give you FCA advice. ...Read More

Complacency costs – sitting on your hands costs big time on previously transferred pensions

Posted on November 29, 2018November 30, 2018 by simon

Getting your UK pension to New Zealand probably seemed like mission at the time, so you don’t have a desire to revisit that pain again in a hurry. But there are two startling issues that should have everyone dusting off their New Zealand Scheme pension documents to see if they...Read More

£15bn sexism case puts UK pension transfers on hold

Posted on November 27, 2018November 27, 2018 by simon

  OK so there’s been a big and boring legal stoush going on in the UK... the upshot of which is that UK pension schemes trustees are now in a quandary and stopping lots of pension transfers. That can suck if you, through no fault of your own, are caught...Read More

Exchange rate spikes and how to take advantage

Posted on November 20, 2018June 14, 2019 by simon

Brexit, Trump and so much more, it seems that everyday is a rollercoaster on the exchange rate front. With so much uncertainty there is always a temptation to wait things out until calmness prevails, see what things will look like after Brexit or once Trump losses control of the house...Read More