if you moved your pension to NZ before 2017

FIVE THINGS TO KNOW

   

If you transferred your UK pension to New Zealand before December 2016, there have been many changes and here’s what you need to know, in five simple points.

  1. Are you in a legacy scheme?
    We call these “walking dead” schemes that can no longer accept new members. They typically charge very high fees (over 2.3% a year) and provide little service (because they are basically winding down albeit very slowly)
  2. Pensions freedom was extended to QROPS
    But it doesn’t mean it was extended to you as a member of a legacy scheme, its at your schemes discretion to change its rules to let you access your funds flexibly.
  3. The “Overseas Transfer Charge” will not apply to you ‘ever’
    This nasty little potential 25% charge cannot apply to any actions taken on pensions that were transferred out of the UK prior to April 2017. This can have some massive benefits for you, if you need to leave New Zealand you should definitely understand the implications of your decision before leaving.
  4. You need to have dealt with the tax on your transfer
    It seems plenty of people did not know that they had a potential obligation on their pension transfers to New Zealand. So imagine their surprise when years later they have been getting letters from the IRD demanding payment including use of money interest and penalties, make sure you’ve understood and dealt with the tax.
  5. If you go back to the UK you need to understand the consequences
    Much has been written recently about people heading back to the UK from NZ. Well the rules about how much of overseas pensions are taxed when you live in the UK have changed and they will have ramifications if you’re heading back to the UK to live and retire.

 


 


 

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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