xpat19

We've been in NZ for over a year now and are thinking about transferring our Uk pension schemes over here - has anyone else done that, and if so was it a good thing ?

Don

I've decided against it because the transfer value is miserable compared to the deferred benefits when I retire. If I had to transfer it, the pension I could buy on the open market would be very poor in comparison.

Cheers - Don

sundarize

Can you clarify what you mean that the transfer value would be miserable? Are you referring to the market value adjuster they charge when you move your fund away from your provider.

My problem is that I'm with Equitable Life and intend to move it anyway. I am not sure yet whether to move it to another UK provider or see if I can take it to OZ

Some real expert advice on this would be appreciated.

Don

Can't give you the expert advice! What I did was write to my pension trustees and ask for a pension statement and they also sent back a transfer value for my pension fund, valid for a few weeks. Ie what money they would transfer to another pension fund provider if I decided to change companies.

If you're going to Aus I know there are important tax implications bearing on your decision to transfer or not - tax payable 1) if you don't transfer and 2) at payment time as a pensioner. Check it out.

Cheer - Don

cruisey

I can't speak for NZ, but for Oz you can get hit by FIF (Foreign Investment Funds). I think it applies to any assets (pensions, ISA's, savings etc.) that you and your immediate family (e.g. wife/husband) have off-shore. Basically each year you are supposed to paid x% tax on any growth 'since' migrating. However, you can be exempt if:

- Combined value of assets (e.g. pensions) don't exceed $50,000
or
- They are 'company' sponsored pensions

Goodness knows how you tell the tax-man what the 'yearly growth' was. In our case I think we're ok. They are company pensions and worth very little......