Considerations and Requirements UK Pension Transfer

Feb 20, 2008

Have you Considered?

  • Does my plan contain valuable options?
  • Does my plan guarantee predictable benefits at retirement, regardless of the future movement of UK interest rates and investment returns?
  • If I take my benefits as a transfer value now, what rate of return would my Superannuation need to achieve in order to replicate the benefits I have given up?
  • What percentage of my overall retirement provision is tied up in my UK pensions?
  • What are the death benefits available from the arrangement, should I die: before normal retirement date? after normal retirement date?
  • What are the costs associated in making an informed decision?
  • Where is my pension fund invested in the UK? If I keep it there does it continue to meet with my attitude to investment risk?
  • What is the current strength of the insurance company it is invested with? Do they still exist?
  • What are the ongoing charges, if any, of my pension arrangement?
  • How well or badly has my chosen fund(s) performed against its peers?

Requirements

To transfer any UK Pension Benefits to New Zealand, the following requirements must be met:
  • Permanent departure from the UK with no intention of returning to work or retire;
  • Employment or self-employment in New Zealand;
  • New Zealand residency for tax purposes;
  • No part of the UK Benefit commenced paying a pension;
  • Payment directly from the UK scheme to an HMRC, QROPS approved New Zealand superannuation fund.

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