When considering whether or not to transfer your UK pension to New Zealand you firstly need to consider whether you plan to retire in New Zealand; if you don’t then you will need to seek advice.
The benefits in transferring are:
- Tax Saving – money paid out from a New Zealand superannuation scheme are paid out tax free. If you bring your pension out to New Zealand whilst within the 4 year transitional residency period you will not need to pay out any tax on the transfer either.
- Access – you will be able to access 30% at age 55 and then the other 70% is paid out as “income for life”. However if access is a concern you could use KiwiSaver as a tool to access the rest of the money at 65 – speak to us in regards to this.
- Control – by having your money in New Zealand you have much more control over it.
- No need to purchase an annuity – in New Zealand you don’t need to purchase an annuity
- Currency risk – this is reduced by bringing your pension over and you get to choose the exchange rate you want to convert your pension money into New Zealand dollars.
- Death – in death your entire pension money is passed onto your estate and there are no tax’s to be paid on this
For further information we suggest you click on one of the red buttons on the right for either your free pension guide or get a free pension transfer report to see if we can provide you what you want.
“Thanks, you guys made it so easy to transfer my pension over to New Zealand, I had spoken to other transfer companies but they made it sound too complicated.” Andrew Wilkinson