Welshjohn369

Hi everyone, my first post here. I am hoping to move to New Zealand in January 2004, to work as a nurse. I am hoping to remain in NZ and spend the rest of my days there.

Friends who have worked and returned to the UK have informed me that it is possible to transfer UK pensions to NZ and then cash the pensions in. I have an Army Pension and my Nursing pension which I would like to transfer and cash in.

Can anyone out there tell me if this is the case, or have I been the subject of a silly joke!

Don

Hi, welcome to the board. There isn't too much professional financial advice for NZ here (except personal experiences) but there is plenty for Aus and I reckon the same rules as regards the UK will apply. Ie you can transfer most pensions to NZ but the UK rules are there to ensure you are provided for when you are a pensioner, ie you can't get your hands on the money now, only later at retirement. Ie it's unlikely you will be able to transfer the UK pension fund and release the money for immediate use. This also reserves the tax advantage the contributions got. Better get advice from a NZ pensions expert.

Kiwipaul

Hi Don

I believe your wrong their, the BIG difference between NZ and Oz is the CGT (Capital Gains Tax). NZ has no CGT and so their is no advantage of moving it over within the procribed time frame like in Australia, to avoid tax liabilities.

My feeling is leave it in the UK to begin with and look into the situation once you are in NZ. And then only move it once you are certain NZ is for you and you don't intend returning. The potential growth in the Pension is also (IMHO) better in the UK than NZ (or Oz), you don't loose anything by leaving it in the UK as I think the pound is a stronger currency long term than the $ and you won't loose up to 10% (maybe more) total value if you did move it.

Just my opinion.

xpat19

[QUOTE]Originally posted by Welshjohn369 There is a company called Britania fiancial services in auckland who obtain transfer values foryou from the UK, then, if you want to transfer it to NZ they arrange that. If the value is under $19000 you can have the whole lot in cash - if it's over $19000 you can have 49percent in cash and the rest is put in a savings scheme in NZ.
They charge a flat fee of $500 for doing this no matter what the value of the pension is.
I know this because my friend has just used them to cash in her pension .