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NZ Police Pensions

NZ Police Pensions

Old May 20th 2008, 9:11 pm
  #1  
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Default 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!
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Old Jun 29th 2008, 3:06 am
  #2  
Arrowotwn - Central Otago
 
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Default Re: NZ Police Pensions

Originally Posted by thebuyerofshite
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 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.
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Old Jun 29th 2008, 6:27 am
  #3  
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Default 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.
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Old Jun 29th 2008, 1:39 pm
  #4  
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Default Re: NZ Police Pensions

Buyerofshite (you're not my wife are you?????)
I have sent you a pm.
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Old Jun 30th 2008, 2:29 am
  #5  
Arrowotwn - Central Otago
 
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Default Re: NZ Police Pensions

Originally Posted by JasonSouthYorks
Buyerofshite (you're not my wife are you?????)
I have sent you a pm.
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Old Jul 1st 2008, 4:02 am
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Default Re: NZ Police Pensions

Hi, I have sent you a PM also.
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