Author Archive for: ‘simon’
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 …
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 …
Australian QROPS list what is really going on
Much has been made of the fact that Australian pension transfers are increasing at a dramatic rate as the number of schemes on the Australian QROPS list expands – because people are setting up their own self-managed super funds (SMSF’s). However, lifting the lid on this shows that in the last six months around 110 new Australian QROPS have …
UK government cuts final salary GMP guarantee
Thousands of Final Salary Pension members will lose out under the new Flat rate UK State pension which comes in April 2016. In short anyone with a pre-1988 guaranteed minimum pension (GMP) component in their private final salary scheme pension is effected. Under previous rules in agreement for contracting out of the State pension (into a final salary pension) …
IRD to start chasing tax
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 …
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 …
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 …
UK pension changes cause massive disruption
In a series of widespread UK pension changes the UK government has changed the landscape for UK pension holders, the most important of these are: The UK government have now stopped public sector pensions (bar local government) from being transferred out of the UK Private defined benefit pensions escaped the same fate after much debate, they could easily be …
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 …
Issues with Kiwisaver QROPS
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 …
