Pension Transfers to NZ

Spicers can help you with your UK pension transfer.

New emigrants from the UK as well as native New Zealanders who have chosen to live and work overseas, often have pension funds based in the UK but have difficulties in transferring these pension funds to New Zealand due to the involved nature of the transaction and the time involved.

Spicers has streamlined this pension transfer process, and eliminated many of the concerns and issues around transferring UK pension funds, including clarifying the taxation rules and benefits.

The New Zealand tax rules differ depending on whether the investor is a UK expatriate, or is a New Zealand resident who has returned to New Zealand. Also, new tax regulations which became effective on 1 April 2006 require your UK pension funds to be deposited into a Qualifying Recognised Overseas Pension Scheme (QROPS). If your funds were transferred to a non-QROPS scheme it is viewed as an 'unauthorised member payment' which is liable to significant tax penalties.

This highlights the importance of getting expert financial advice. A Spicers adviser will be able to put your mind at rest on this and any other pension transfer concern you may have.

Spicers is a subsidiary of the AXA Group that manages just under NZ$2 trillion of assets worldwide.

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