Transferring Pensions to NZ
#1
Transferring Pensions to NZ
Following on from the thread about transferring pensions to Oz, does the same 6 month window of opportunity to transfer pensions free of tax on growth apply in NZ? I suspect not as NZ tax legislation appears to be very different than that in Oz but would be grateful if someone in the know could comment.
As I understand it, agents that arrange the transfer for you charge a fee plus a percentage of the funds transferred. No doubt they also get a commission for arranging a pension fund to pay the transferred fees into. What do they actually do for their money apart from write a few letters? Is there any reason why you can't do it yourself or perhaps do a combination by paying for advice but doing the transfer yourself?
Thanks,
Ben
As I understand it, agents that arrange the transfer for you charge a fee plus a percentage of the funds transferred. No doubt they also get a commission for arranging a pension fund to pay the transferred fees into. What do they actually do for their money apart from write a few letters? Is there any reason why you can't do it yourself or perhaps do a combination by paying for advice but doing the transfer yourself?
Thanks,
Ben
#2
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
I must state I'm no expert on this subject but I've a good understanding of the NZ an Australian tax regimes.
The big problem with transferring pensions to Australia are the CGT implications, for any growth in the pension, however in NZ their are no CGT for individuals so you don't have the same problems.
Therefore I don't think it would be a problem leaving your pension in the UK and looking into things when you arrive.
Also the NZ investment market is nothing like as safe as the UK one, or as well regulated, plus it's currency is not as strong as the pound. In NZ I cannot see it being a problem leaving your pension in the UK and when you retire transferrring the income to NZ (this assumes it's a private pension NOT state).
I'm sure their are people better qualified than me just my thoughts.
The big problem with transferring pensions to Australia are the CGT implications, for any growth in the pension, however in NZ their are no CGT for individuals so you don't have the same problems.
Therefore I don't think it would be a problem leaving your pension in the UK and looking into things when you arrive.
Also the NZ investment market is nothing like as safe as the UK one, or as well regulated, plus it's currency is not as strong as the pound. In NZ I cannot see it being a problem leaving your pension in the UK and when you retire transferrring the income to NZ (this assumes it's a private pension NOT state).
I'm sure their are people better qualified than me just my thoughts.