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on: 03 360 2001

UK to NZ 1


Over the years, there have been many changes to what can be done with Pension Transfers and these changes are to continue in the future.

Numerous funds closed to new business as they could not fit within the guidelines set by HMRC, such as the AMP Retail Superannuation. This is now a locked scheme with funds available from either age 55 or age 65.

Then Kiwisaver was no longer available to transfer into as this did not meet the requirements of HMRC due to first home withdrawals and hardship withdrawals being available. These funds are available at age 65.

Investment platforms currently available have to use 70% of the transferred value to provide a lifetime annuity, same as available in the original pension schemes. The additional funds and interest earned can be withdrawn from age 55.

This is to change on December 1st with current investments becoming unavailable to new clients, but new clients will be under new rules.

The new rules are under the regulations of New Zealand Authorities rather than UK authorities. This also means a reduction in the amount that can be withdrawn at age 55.

If you have friends, family or colleagues that have private pensions still in the UK, it would be a good time for them to contact me to discuss the benefits for transferring to New Zealand and also the possibility of still being under the current options.

This will mean contacting me in the next few weeks to get discussions and transfer requests in place to initiate the process before December. This means more funds may be available at age 55 than with the new scheme after December.