COVID- 19 – Your long-distance relationship with your UK pension just got harder

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The distance between you and your UK pension just got a whole lot bigger as the world has started to isolate, what seemed close is now not.

And the distance has grown at a time when financial turmoil abounds. “From the perspective of the U.S. equity market, COVID-19 is the worst natural disaster ever” states John Lonski, Chief Economist of Moody’s Capital Markets Research.

With financial uncertainty, jobs at risk and our families to think about our money becomes our lifeboat and like a lifeboat it pays to have it close. 

Having your UK pension here in New Zealand is so different to leaving it in the UK, it’s like night and day. 

Left in the UK your pension is often forgotten, a lot of people still have correspondence being sent to a parent or old address.  Maybe you get funding statements, or valuations yearly, but you are divorced from it, and any attempt to engage with it usually means a very long wait on the phone at anti-social hours. Those waits just got even longer with some scheme quoting 30 days to respond to queries.

Conversely in New Zealand your pension becomes part of your life again, proximity giving it the importance it deserves.  You benefit from the care and guidance of your own local financial adviser dedicated to making your hard-earned pension work for you…the lifeboat is close, your line to it short and access when it’s needed is quick.

The events of the past few months gives everyone reason to pause and assess their situation. If you’d like your UK pension closer to home call us for a confidential and free consultation about how we can help.

Stay safe and keep your family close, here at Charter Square we’re doing just that and all we can to assist our clients during these busy and uncertain times.

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