UK Pension Transfers

Transferring your UK pension funds to New Zealand means you could:

  • Have better control over your money
  • Have more flexibility and investment options
  • Enjoy some tax advantages

There are many advantages in transferring your UK pension to New Zealand.
With over 30 years experience in advising customers on the best way to transfer their UK pension funds, UK Pension Transfers Ltd can simplify and speed up your transfer process by helping you to make informed decisions.

  • We have successfully transferred over 5000 UK pensions.
  • We have a 100% success rate for eligible clients. And your savings are much greater than the cost of our service

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New rules will apply to transfers to QROPS where the transfer is made on or after 6 April 2017

All UK Pension Transfer funds must be deposited in a Qualifying Recognised Overseas Pension Scheme (QROPS).  All the schemes we recommend have confirmation that they have been accepted as a QROPS.  In summary:

Clients under age 55

  • 100% of the transferred funds must be locked in until age 55.

Clients age 55 and over UK Tax Rules

  • 25% of the funds be available to withdraw immediately The remaining 75% of the funds are available for withdrawal. However, if you access more than 25% of the funds, then any amount in excess of 25% will be subject to UK tax if you return to the UK within 10 years of leaving the UK.

Overseas Transfer Charge

  • If you leave New Zealand to live in another country (e.g. Australia) within 5 full consecutive tax years from the date of the transfer, an Overseas Transfer Charge of 25% of the original amount transferred is payable.

In Summary

If you remain in New Zealand, you may access all the funds. If you return to the UK within 10 years from when you left the UK, then you will have to pay UK tax on any amount taken above 25%. If you move to another country within 5 years from the date of the transfer, an Overseas Transfer Charge of 25% will apply.

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New Zealand IRD have changed the way Foreign Superannuation is taxed.  From 1 April 2014 ALL lump sum pension transfers will be taxable.

The new tax rules came into effect on 1 April 2014.

    • If you leave your pension in the UK and don’t transfer it at all, you will have to pay tax on all withdrawals.  This means you will pay tax on 100% of all your pension payments, as well as pay tax on your 25% lump sum, based on the number of years you have lived in New Zealand. In summary, the longer a person has lived in New Zealand, the worse the tax position will be. Please refer to Schedule 33 below.
    • If you transfer your pension to New Zealand within 4 years of living in New Zealand, there is NO TAX to pay.
    • If you leave your transfer until after 4 years of living in New Zealand, you will have to pay tax on the amount transferred. Please refer to IR1024 detailing the percentage of your pension that will be subject to tax after 4 years.
    • Please note the tax is not calculated as part of your pension transfer, it is not automatic. It is your responsibility to declare these funds when you do your tax return for the 2015/16 year.

Here is information from the New Zealand IRD on Top 10 facts on international tax

If you have not yet transferred your pension then please contact us urgently

The April 2015 Pensions Regulator Rule Changes for Defined Benefit schemes with a Transfer Value of more than £30,000

Regulated financial advice from a UK Adviser

  • Due to the recent April 2015 Pensions Regulator rule changes, any individual looking to transfer from a defined benefit (DB) to a defined contribution (DC) scheme must by law receive regulated financial advice from a UK Adviser authorised by the Financial Conduct Authority (FCA) before going ahead if the transfer value is more than £30,000.
  • If your UK pension is a Defined Benefit scheme with a Transfer Value of more than £30,000, this will apply to you
  • Many UK Adviser firms authorised by the FCA who are willing to provide this service to overseas clients charge thousands of pounds to provide the necessary report.

The good news: 

  • We have carefully researched the UK Advisers authorised by the Financial Conduct Authority (FCA)
  • We have an agreement in place with a UK Adviser firm to provide IFA advice to clients who wish to transfer their over £30,000 defined benefit pensions to New Zealand.
  • We have found an affordable TVAS (transfer value analysis) report.

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Top 10 facts on international tax

New Zealand residents are taxed on their "worldwide income", that is income from New Zealand as well as from other countries. A New Zealand resident individual that receives interest income from the United Kingdom will be taxed on that income in New Zealand as well as the United Kingdom. Your worldwide income includes any income that you derive in a foreign country even if you do not bring the money into New Zealand.

 

Please Refer to Note 1: New Zealand residents are generally taxed on their worldwide income

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A Disclosure Statement is available on request and free of charge. Click here to view

Certified AFA   ( Authorised Financial Adviser )  . Click here to view

Strategi Institutes's QROPS Course. Click here to view

Qualified ALU  ( Associate Life Underwriter ). Click here to view

FSP Registered 19444. Click here to view

 
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