UK pension transfer
UK Pension transfer to NZ
Have you worked in great Britain? Have you considered the impacts of leaving or bringing your UK pension back to New Zealand?
UK pension holders who are looking to move to New Zealand have a few options when it comes to their pension. They can either leave their UK pension where it is, transfer it to a New Zealand scheme, or bring it with them when they move.
Each option has its own set of benefits and drawbacks, so it’s important to weigh all the factors before making a decision. One key consideration is tax; UK pensions are subject to UK taxation, so UK pension holders who move to New Zealand may see a decrease in their pension income if they don’t transfer their pension to a NZ scheme.
Another important factor is currency risk; UK pensions are paid in pounds, so UK pension holders who move to New Zealand may want to consider transferring their pension to avoid exchange rate fluctuations. Ultimately, there is no one-size-fits-all answer, and UK pension holders should speak with a financial advisor to find the best solution for their individual situation.
Things to consider when conducting a
UK pension transfer to NZ:
Eligibility to transfer funds
Differences between the two schemes (eligibility dates for withdrawals)
Tax impacts on transferring your funds
Currency impacts of the different schemes
Your long term likelihood of remaining in NZ
Any exit fees charged by the fund
Relocating your UK Super could be hugely beneficial for you. If you’d like to find out more, get in touch for a no strings attached chat. I’m here to help!
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