NZ QROPS attracting lots of UK pensions
For many years transferring a pension from the UK to New Zealand was not considered easy 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 pension transfers hitting New Zealand and putting UK pension transfers into the consciousness of British expats, New Zealanders and others who had lived and worked in the UK.
Since then UK pension transfers have become mainstream with over $1.75billion being transferred into New Zealand schemes over the last five years (as shown in the graphic below). New Zealand is now one of the largest destinations for UK pension transfers.
Source: Annual reports of New Zealand superannuation schemes that are listed as QROPS
Investment options got relevant
The New Zealand always featured as the best destination for a UK pension transfer because of its favourable tax regime, but it previously lagged behind in investment options and sophistication. This has been a blessing, as New Zealand QROPS have not developed high fee portfolio bonds like those seen in Malta and Gibraltar. Instead they have set to develop fully transparent fund offerings where clients have access to reputable fund managers, with full visibility of all fees and returns.
The New Zealand QROPS industry has developed investment diversity quickly with most QROPS now offering sterling, New Zealand dollar and Australian dollar denominated funds. The sterling funds have certainly been popular with most transferees since the Brexit vote, especially as there is more control over when they can be converted into dollar funds. This level of control and flexibility is in sharp contrast to the previous system of waiting for the desired exchange rate then starting a transfer which then took six months by which time the exchange rate was anyone’s guess.
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Until now I'd imagined my UK pension funds being locked away behind all manner of firewalls and bureaucratic hurdles to access on retirement. Before committing the one surviving official document of my English OE to the bin - a single page detailing my private pension details - I contacted you out of curiosity. The result feels a little like winning lotto.
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.
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!
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.
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.
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.
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.