Frequently Asked Questions
How long does it take to transfer a pension
The time take to transfer a pension can take anywhere from 3 -9 months dependant upon the provider, this may seem like quite a long time but some providers take a long time in providing paper work and confirming pension values.
What are the benefits in transferring my pension to NZ
There are quite a few reasons why you should investigate transferring your UK Pension to New Zealand, namely the tax advantages, early access to savings and also the restrictions in the UK if you should die, not to mention currency and bank charges.
Can I choose my investment
Yes you can choose your investment, we recommend that you fill out a risk profile which enables us to provide you a recommendation on where you should invest your pension based on your capacity and tolerance to risk. There are mixtures of asset classes and funds to choose from.
Can you hold my pension in Sterling until I am happy with the exchange rate
Yes we are able to transfer your pension in pounds and then wait until a time that you are happy with the exchange rate and then we will transfer the money into New Zealand dollars.
Under what circumstances can I not transfer a pension
The answer can depend alot on the requirements of your pension provider in the UK, but you cannot transfer your pension to NZ if your pension has starting paying money in the United Kingdom. Some UK providers require that you live and work in NZ and are a tax resident of New Zealand.
Can I leave my pension in the UK for a while before transferring it to New Zealand
Leaving your pension in the UK could potentially create a tax liability depending on circumstance however there is no legal requirement to transfer your pension to New Zealand. There are foreign investment fund rules which could apply to your pension which may mean that you have to pay tax on the growth in your UK pension fund, even though you are not in the UK. Please seek specialist tax advice as to your individual circumstances.
Who controls my pension during the transfer process
During the transfer process the funds are always kept under your name either by the provider in the UK or NZ of by the trustees of these funds, at no time are the funds not in your name. We only control the process not the funds.