NZ Police Pensions
#1
Just Joined
Thread Starter
Joined: May 2008
Posts: 4
NZ Police Pensions
Hi, we are new to this board!
I'm transferring to the NZ Police in October, resettling with our whole family. As I already have quite a number of years of police service under my belt , I wanted to know more about the police pension in NZ. If anyone could help me out with the following I'd appreciate it:
At what age do you normally retire in NZ (or how many years service)?
Will all my UK years' service count?
I believe you get a cash lump sum rather than a monthly pension is this correct? Can you split it?
Has anyone transferred their pension (from Avon & Somerset Police in the UK to NZ)?
Who did you use?
Any pointers would be much appreciated. Thanks!
I'm transferring to the NZ Police in October, resettling with our whole family. As I already have quite a number of years of police service under my belt , I wanted to know more about the police pension in NZ. If anyone could help me out with the following I'd appreciate it:
At what age do you normally retire in NZ (or how many years service)?
Will all my UK years' service count?
I believe you get a cash lump sum rather than a monthly pension is this correct? Can you split it?
Has anyone transferred their pension (from Avon & Somerset Police in the UK to NZ)?
Who did you use?
Any pointers would be much appreciated. Thanks!
#2
Arrowotwn - Central Otago
Joined: Oct 2006
Posts: 19
Re: NZ Police Pensions
Hi, we are new to this board!
I'm transferring to the NZ Police in October, resettling with our whole family. As I already have quite a number of years of police service under my belt , I wanted to know more about the police pension in NZ. If anyone could help me out with the following I'd appreciate it:
At what age do you normally retire in NZ (or how many years service)?
Will all my UK years' service count?
I believe you get a cash lump sum rather than a monthly pension is this correct? Can you split it?
Has anyone transferred their pension (from Avon & Somerset Police in the UK to NZ)?
Who did you use?
Any pointers would be much appreciated. Thanks!
I'm transferring to the NZ Police in October, resettling with our whole family. As I already have quite a number of years of police service under my belt , I wanted to know more about the police pension in NZ. If anyone could help me out with the following I'd appreciate it:
At what age do you normally retire in NZ (or how many years service)?
Will all my UK years' service count?
I believe you get a cash lump sum rather than a monthly pension is this correct? Can you split it?
Has anyone transferred their pension (from Avon & Somerset Police in the UK to NZ)?
Who did you use?
Any pointers would be much appreciated. Thanks!
I will try my best to answer what i can. The age of retirement is pretty similar to the UK although i do see more older looking coppers here.
Your UK Police pension will be transferred across with a pension company. This is something you will do and not the Police. The lump sum is then invested for you to use in your retirement. When we came over the pension laws had changed and you were not able to touch any (for a number of years) of it so check that out before you come. You can withdraw from it once its been in a few years and you can choose to have monthly payments from it again once its been in long enough.
I transferred from D&C and there are loads of companies out there that will sort it all out for you. All the major banks provide the same service, pays to shop around.
Good luck with the move.
#3
Re: NZ Police Pensions
We've just transferred over some UK pensions - not police pensions - but company and private ones, and were pleasantly surprised to find that you are allowed to take a lump sum on transfer of up to 49%, so you can choose whether to do that or invest the whole amount in a pension here and once you have been a non-uK taxpayer for 5 whole tax years you can choose to draw down again or leave in place. I don't know if it is the same for police pensions but just thought I'd mention what we'd been told about ours.
#6
Just Joined
Joined: Jul 2008
Location: Papamoa Beach in the Bay of Plenty
Posts: 9
Re: NZ Police Pensions
Hi, I have sent you a PM also.