Highgate Partners has expertise in UK pension transfers and can help you transfer your UK pension to New Zealand.
If you’re a New Zealander returning from living in the UK or a UK citizen who has emigrated to New Zealand, you should be aware of the implications of leaving your pension (superannuation) assets in the UK.
Did you know
- Transferring your UK pension scheme to NZ makes it easier to consolidate and keep track of your retirement assets and lessens foreign exchange rate risk;
- If you transfer your UK pension to a registered overseas pension scheme (ROPS) in New Zealand, you can access your funds from as early as age 55 rather than waiting until normal retirement age as you would if you left your pension in the UK;
- Delaying the transfer of your UK pension can have serious tax consequences. Generally, the longer you leave it, the higher the proportion of your UK pension transfer value which will be subject to NZ income tax;
- Unlike in the UK, there are no potential inheritance tax issues to consider in relation to NZ superannuation funds. Your loved ones could miss out on inheritance benefits if you leave your pension in the UK;
- Pension fund withdrawals are tax-free in NZ, whereas tax is payable on many elements of UK pension withdrawals;
- Highgate Partners has the expertise to navigate the complicated UK pension transfer process for you, and we can manage your funds indefinitely once the transfer process is complete.
- Some UK defined benefit pension scheme benefits cannot be transferred to NZ. This includes benefits of 'unfunded defined benefit pension schemes' in which the retirement benefits of current retirees are funded by contributions made by current employees. Examples of this type of scheme include the NHS Pension Scheme and the Teachers Pension Scheme.