Help! Pension, its a bit complicated!
Dec 5th 2021, 8:13 am
#1
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Joined: Jul 2009
Posts: 4
Help! Pension, its a bit complicated!
Hi,
I am looking to make contact with a good advisor who can tell me the right thing to do with a small pension I have in the UK. I am over 55. The pension is worth 27,000 pounds. However, I also have a teachers pension in the UK. This means that I can not claim it as a one off lump sum in total as the combined worth of the two schemes is over the 30,000 pounds limit. I can claim a lump sum of around 5,000 pounds with a reduced annual payout of 600 pounds. As we can see we are not talking big money here. It works out at about $50 a fortnight. I am thinking it would be more use to me to see if there is a way I can bring as much of it over as possible and take the sting in relation to tax. I am wondering if there is a way to transfer the value over to a QROPS in NZ and then cash it out after a short period of time. I have been paying into Kiwi Saver for 15 years and have the Teachers Pension to claim at 60 from the UK along with either the UK or NZ state pension to claim at 65. My wife also has the same. The house is just about paid for so we should be ok on a day to day basis. This small pension was from working in a shop as a student and to be honest, I had totally forgotten about it till a family friend mentioned it. Compound interest has turned nothing into a little nest egg. So really I need some good advice. I have seen Chch4me posting about pensions and offering advice. Unfortunately I have not been able to find this person in a quick Google search and I can not send messages yet as I have not yet posted enough. So, who are you Chch4me and how do I find you in a professional sense?
I am looking to make contact with a good advisor who can tell me the right thing to do with a small pension I have in the UK. I am over 55. The pension is worth 27,000 pounds. However, I also have a teachers pension in the UK. This means that I can not claim it as a one off lump sum in total as the combined worth of the two schemes is over the 30,000 pounds limit. I can claim a lump sum of around 5,000 pounds with a reduced annual payout of 600 pounds. As we can see we are not talking big money here. It works out at about $50 a fortnight. I am thinking it would be more use to me to see if there is a way I can bring as much of it over as possible and take the sting in relation to tax. I am wondering if there is a way to transfer the value over to a QROPS in NZ and then cash it out after a short period of time. I have been paying into Kiwi Saver for 15 years and have the Teachers Pension to claim at 60 from the UK along with either the UK or NZ state pension to claim at 65. My wife also has the same. The house is just about paid for so we should be ok on a day to day basis. This small pension was from working in a shop as a student and to be honest, I had totally forgotten about it till a family friend mentioned it. Compound interest has turned nothing into a little nest egg. So really I need some good advice. I have seen Chch4me posting about pensions and offering advice. Unfortunately I have not been able to find this person in a quick Google search and I can not send messages yet as I have not yet posted enough. So, who are you Chch4me and how do I find you in a professional sense?
Dec 5th 2021, 10:13 pm
#2
`
Joined: Oct 2003
Posts: 38,620
Re: Help! Pension, its a bit complicated!
You will see his avatar pic to the top lefy. A wee picture. Click on that to bring up his profile.
Scroll down to his signature.
Clivk on the linked words Pension Specialist. That takes you to his LinkedIn page.
The link is also at the bottom of all his posts
Hth
Last edited by BEVS; Dec 5th 2021 at 10:17 pm.
Re: Help! Pension, its a bit complicated!
