New legislation is coming into force on 6th April 2012 which will affect how UK pension can be transferred to an overseas scheme. Contact us now for further information
New Zealand may be one of the farthest flung corners of the planet but about 30,000 British expats a year arrive on the islands to set up permanent home.
Any of these expats – and those already there – who have contributed to a UK pension can transfer their funds in to a QROPS scheme.
In New Zealand, pension fund growth is taxed along the way while benefits are not taxed at all.
But, transfers in to a New Zealand QROPS scheme from a UK pension are generally exempt from tax – and so are any benefits drawn down from the pension.
It’s important to get up-to-the-minute advice as tax rules between the UK and New Zealand are subject to change at short notice and this can drastically affect an investment decision about moving in to a New Zealand QROPS.
Most UK pension schemes can be transferred in to a New Zealand QROPS – excluding the state pension or any fund where the saver has already bought an annuity.
The importance of qualified advice
Like many other QROPS schemes, New Zealand plans are great for some QROPS transfers and not so good for others, so it is essential to seek competent advice from a regulated and qualified financial firm with experience of dealing with New Zealand QROPS transfers.
To get the very best up to date information about New Zealand QROPS, contact QROPS.net today