Want to know how the pension scheme works in New Zealand?
CALL US TOLL FREE FROM THE UK
0808 234 2185
Transferring Your Pension To New Zealand
If you’ve lived and worked in Britain then you’re likely a member of one or more company pension schemes, either Defined Benefits (DB) or Defined Contributions (DC). You may also have paid into a private pension scheme.
When you emigrate to New Zealand, it’s unlikely that you would think about declaring your UK pension scheme to the Inland Revenue Department (IRD) as this is not something you would have ever been required to do whilst in the UK. Consequently you may continue to live life in your new home, completely oblivious of the NZ tax liability accumulating on your UK pension scheme.
You should therefore investigate your pension transfer options in a timely manner. It’s a complex financial area, not least because you’re dealing with taxation and legislation both in the UK and NZ, which is why it’s important to seek qualified, specialist advice.
Each person’s case will be slightly different – age, tax implications, future plans, and so on – so it’s vital to have all the facts & figures clearly explained. Only then will you be in a position to make a genuinely informed decision that’s appropriate for you and your circumstances.
Contact us today to talk to one of our experienced Financial Advisers.
Director of GBPensions
Authorised Financial Adviser (FSP 138624