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Pension funds, tax and transfers

Pension funds, tax and transfers

Old Nov 5th 2011, 10:09 pm
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Default Pension funds, tax and transfers

Has anyone else seen this article?
http://www.nzherald.co.nz/business/n...ectid=10764091
...and does anyone understand it?

This paragraph seems a bit worrying...

'The other change the IRD has announced is that people living in this country have to pay a fair dividend rate of 5 per cent on their foreign pension funds until they transfer their investment to a New Zealand fund, because overseas pension schemes are no longer exempt from the FIF.'

Does anyone have any idea what the situation is if you have a final salary pension scheme from the UK and you don't intend transferring it, but just to draw your pension when you become eligable (old enough)?

John
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