COVID-19 and UK pensions

getting on top of the admin

 

Spring cleaning your UK pensions while stuck in a bubble

We all have those annoying and pesky tasks that we’ve been meaning to get around to.  Sorting out your pensions is often one of them.  Well, if you have a bit of spare time on your hands now due to the lock down, now’s the perfect time to be getting onto it.  Remember you aren’t the only one, there are over £19 bn of lost pensions in the UK. 

Here are some practical steps that you can follow to start sorting your UK pensions:

 

1. Work out who your pension is with…

This sounds basic but UK pension providers are merging with and acquiring each other all the time.  Take AVIVA for example they have acquired Norwich Union, Winterthur Life, Friends Life (who had acquired Friends Provident), you get the picture.  Basically, who you took your pension out with originally may not be who runs it now.  They are holding your money so you should find out.

If you’d like to find out who holds your pension now, we’re here to help

 

2. Get up to date with your pension company

Once you’ve found out who’s managing and administering your UK pension, you should get your details up to date with them.  You might have got married, you might have moved once, twice or more, you might still have your parents address listed as the primary contact address.  Well now’s the chance to clean that all up. 

Getting your contact and address details up to date helps if you need to do anything in the future.  These are the documents you may need to have on hand to enable that update: 

  • Marriage certificate
  • Passport
  • Birth certificate
  • A utility bill/bank statement that is addressed to you at your current address that is no less than three months old

You may also need to get the above documents certified and sent to your UK provider.  If you need help with that during the lockdown, were here to help with certification and guidance.

 

3. Get information on your UK pension

By law UK pension providers have to send a yearly statement.  While this is a really good starting point it pays to know about your scheme in detail, as they say “the devil’s in the detail”.  Does your pension plan have any really valuable benefits like guaranteed annuity rates?  Is your Scheme fully funded if it’s a final salary scheme?  Are there guaranteed minimum pension benefits?  What’s the transfer value of your UK pension? What benefits does your pension offer?

There’s a lot that you need to understand about your pension and now is the perfect time to get reacquainted with it.  We can happily do a review on your UK pensions and let you know exactly what you have and what valuable benefits might be part of that pension.

 

4. Get all your supporting information together

Best practice you should know and have on file the following information:

  • Your UK National Insurance Number
  • When you left the UK
  • When you arrived in New Zealand after accruing your UK pensions
  • Any dates that you spent living outside of New Zealand since the first arrival date above

As your trusted UK pension adviser in New Zealand we’re here to help however we can.

 


 

it’s time to get reacquainted
with your pension

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UK pension and what it means to leave it or transfer it

 

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straightforward and painless

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.

Peter W

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