Advantages - what you will gain by transferring your UK Pension to New Zealand:

  • Control over your money.  You get to decide how your funds are invested and whether you wish to continue adding savings to it or not.
  • Consolidate your retirement savings in New Zealand.
  • You may be able to access more than 25% as a cash lump sum when you reach minimum UK retirement age, currently age 55, once you are outside the QROPS reporting period.
  • No requirement to purchase an annuity at retirement age. 
  • No need to worry about your UK Pension provider - who is it with, is it safe, funded adequately, investing your funds wisely, or merging with another provider.
  • No need to worry about the exchange rate risk and fees involved in bringing the pension funds over to New Zealand after retirement when the pension comes into payment.
  • No need to worry about tax issues that would occur if your pensions come into payment in the UK. 
  • In the event of your death your NZ Superannuation plan will go to your estate.

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