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At True North Investments we are well suited to assist our clients in pension transfers given our pension specialist’s previous experience as a UK based Financial Adviser and migrant to New Zealand. At True North Investments we provide a specialist Pension Transfer Service whilst providing a holistic financial planning approach to manage the needs of our UK migration clients’ for the long term.
Flexibility of Investments
As a local resident in New Zealand if you want to have increasingly more control over how your assets are utilised, transferring your UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS) could be a consideration. A pension transfer will enable you to consolidate more than one pension to a single QROPS and in some cases make an early withdrawal to reduce personal debt or make home improvements if this is shown to be in your best interest.
Estate Consideration
In the event of death, the trustees of a QROPS will normally allocate 100% of the fund value of your individual QROPS to your estate. Please note there are exceptions to the rule if you held Protected Rights on transfer.
Early Access
The New Zealand’s Financial Industry is less restrictive than the UK’s on how you can utilise your transferred pension(s). You might be able to withdrawal some of the pension value on transfer, though when is dependent on the QROPS scheme you use. Whether you are a UK resident for tax purposes during the last five UK financial tax years will have a bearing whether any withdrawal being authorised or unauthorised by HMRC. There is a tax implication to consider if any withdrawal is considered unauthorised.
Tax Considerations
In the UK you pay PAYE on all retirement income. In New Zealand authorised withdrawals from a QROPS are regarding as being tax paid and could be considered an advantage for budgeting whilst in retirement.
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A disclosure statement is available on request and free of charge.
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