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Category Archive for: ‘New Zealand news’

UK budget: Overseas transfer charge

On the 9 March 2017, the UK Budget introduced with immediate effect an “Overseas Transfer Charge” (OTC) which is a 25% tax charge on transfers to QROPS from UK registered pension schemes unless: The member is tax-resident in the same jurisdiction as the receiving QROPS. So a transfer from a UK registered scheme to a New Zealand QROPS for a …

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Brexit is leading to “eye-watering” UK final salary scheme transfer values driving more transfers – but for how much longer

For decades people in the UK have been told that final salary (or defined benefits) pensions are ‘gold plated’ and the perception has been established that defined benefit pensions should never be transferred. This has always been the opinion of the Financial Conduct Authority of the UK and of course the schemes managing these pensions, with an advance payout of …

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Foreign currency fees in New Zealand schemes

Most New Zealand QROPS superannuation schemes are in the business of passing on benefits to their members. This extends to foreign exchange rates. Many have negotiated really good deals with banks and get exchange rates a little bit above a wholesale rate. These rates are almost always better than money brokers such as HiFX so members really are getting the …

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New FMCA rules reduce number of NZ QROPS

On 1 December 2016 the number of New Zealand QROPS reduced dramatically, at that date there were only seven schemes that were open to new members and therefore capable of being QROPS. On the same date there were 31 New Zealand schemes showing on the ROPS list kept by the HMRC. It’s a big difference with serious implications.   Everyone …

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Despite Brexit concerns New Zealand QROPS come of age with UK pension transfers topping a billion dollars in last two years

For many years transferring a pension from the UK to New Zealand was not the norm with confusing legislation and tax compliance issues. All that changed in late 2013 when the Inland Revenue proposed a tax amensty on UK pension transfers that suddenly thrust the decision of whether to transfer under peoples noses. This led to a wall of UK …

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Brexit pension transfers consequences

There has been a lot of talk of the general implications of the Brexit vote. But what, in practical terms, is it likely to mean for those with UK pensions and those thinking about transferring their pensions out of the UK. In this article we look at each type of pension, final salary and contributory, to understand the implications for …

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Deciphering the Inland Revenue tax notices on UK pension transfers [Infographic]

  Much has been made recently of people getting tax notices from the Inland Revenue for pensions that they had transferred to New Zealand. Should everyone be crying for people that have received tax bills? Should everyone be worried about the Inland Revenue chasing more people for tax? Or should we all just bury our heads in the sand and …

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Schedule Method of tax calculations for UK pension transfers

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The schedule method seeks to levy tax on your pension transfer based on how long you have been in New Zealand since you accrued your UK pension. The longer you have been in New Zealand the greater the portion of the transfer will need to be declared as taxable income and put in your tax return.   So, while the …

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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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NZ free phone:0800 102 599 / OZ Free Phone:1800 857 410 / Email:info@qropsnz.com

very stress free

Thank you Cambel for your help and guidance throughout this process in getting my pension transferred (very stress free for me). It is greatly appreciated and I would certainly recommend you and Charter Square to others who are interested in transferring their pension.

David R, New Zealand

You guys rock!

I just wanted to say a great big thank you to you and your team. You are all totally awesome. I received a cheque yesterday from the Prudential to apologise for the ‘recent inconvenience’ that I had experienced. Thank you for doing this for me. You guys rock!

Noelle B, New Zealand

professional, insightful

Charter Square were professional, insightful and a pleasure to work with. They rose to the challenge of consolidating my overseas pensions and bringing them home with minimum fuss for me and maximum effort on their part.

Jens H, New Zealand

thorough, professional and prompt

Very thorough, professional and prompt service from the team at Charter Square. Thanks for making the bewildering world of pension transfers super simple.

Jules T, New Zealand

Best party to deal with

Thank you kindly for keeping in touch with me. For now, I will not be moving my pension. I will however be keeping your details and referring back to you when I wish to pursue. You by far are the best party to deal with, no nonsense, professional and in my opinion genuine. I do sincerely thank you for your advice to date.

GE, New Zealand

Freedom

Securing the freedom to use savings that are actually ours to work with has been stressful in the extreme. While I never planned on giving up there were many times when the current (UK) holder made the whole process seem well beyond my determination and ability. It’s easy to look at the 36 month history of this claim with the benefit of hindsight, but the conclusion is that employing Charter Square in the first instance would have been wise had I been able to anticipate the red-tape that appears to have been deliberately created to stall access.

CP, Auckland
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