UK pension transfer to NZ

Some of this blog's readers may be from UK and intend to move to NZ for a new job and life. Or, may already in NZ but leaving a pension behind in UK.

Here some reasons for transferring your UK pension to NZ:

  • Enables you to keep track of your pension plan and gain more control of your funds without affecting their earning power. You won't need to be concerned whether the fund is merging, closing or going out of existence. From April 2006 simplification rules will come into effect, new investment rules will soon be effective enabling a much wider range of permitted investment.
  • You may be able to transfer your British pension to New Zealand and access up to 25% of the value immediately. This will be dependent on the specific requirements of your UK Pension plan.
  • You no longer need worry about exchange rate fluctuations affecting your pension payouts.
  • You will not be paying bank fees for each transfer (may be as a high as 18 pounds per transfer)
  • You will have more information and control on the companies holding your retirement savings.
  • Easier to access your money in retirement.
  • If you die with a UK pension scheme your spouse can get up to 2/3 of the pension you would have received. If you both die your pension dies with you, however, If you both die leaving qualifying dependent children , your UK pension could continue for as long as you fulfil the schemes eligibility criteria. With New Zealand superannuation plans all of your remaining investment becomes part of your estate and is passed on to your children, heirs.

Visit this link for more information about UK pension transfer to NZ.


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