if you’ve transferred to NZ

get more out of your pensions

   

Quick to transfer… slow to review?

There have been plenty of pension transfer stampedes to New Zealand over the past few years, like when the tax amnesty on transfers was announced or before unfunded UK pensions (like the NHS, Teachers, Armed Forces and others) became ineligible for transfer.  Along with the benefits of transfer before tax year end these changes have provided very good reasons for transferring a pension to New Zealand.

But often, after a hasty transfer that’s it, once the pension is here in NZ no further thought is given to fees, performance or accessibility.  Statistics show, people that have transferred pensions to NZ from the UK simply aren’t moving their pensions between NZ QROPS.  This is surprising particularly in light of the fact there have been thousands of transfers made to what are now called “legacy schemes”. These legacy schemes have high ongoing costs and limited or restrited access to the transferred funds. Despite the benefits of transferring out of these schemes, people remain in them unaware of the potential financial benefits of moving to another arrangement or unaware they can. 

Moving schemes delivers 10% more in retirement

A recent client  that had transferred their UK pension to a New Zealand QROPS in 2015 approached us; they’d transferred for all the right reasons at the time.  But since then their QROPS had become a legacy scheme (closed to new members) and had essentially frozen its old access rules and high fee structures.  The world has moved on though, now new schemes offering better access to funds at age 55 and much lower annual management fees have come on the scene.  After careful analysis, the correct advice and a transfer to a new scheme our new client reduced their annual fees by an absolute 1% a year, saving them over $12,000 in fees alone over the next 10 years.  On top of that they’ve ended up with more flexible access to their funds from age 55.  A real win-win and a happy client.  

Transferring a pension is a complex process with many variables that can lead to gains and losses in value. We strongly recommend that you receive qualified professional advice before making any decision on your pension.


 


 

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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