Pension info for immigrating parent
 

My mum has residency and is coming over this yr permanently. UK house sold etc- She has state pension in Uk and also private investments, which we are not sure whether we can leave in Uk. Can she hold a UK bank acct if non resident? Does anyone have tips from parents in similar situations. She is very healthy 76 yr old. Much appreciated.

Re: Pension info for immigrating parent
 

Yes, your Mum can continue to hold a UK bank account if she moves to NZ. Might be a good idea to make sure the account is internet friendly and can be accessed easily (and with low access fees).

You mum should also enquire about swapping her UK state pension for a NZ State Pension (NZ Superannuation) which is likely to be worth more, won't have the currency issue, and will receive annual increases. Her UK Pension will no longer increase with inflation once she moves countries.

Re: Pension info for immigrating parent
 

Thanks

Re: Pension info for immigrating parent
 

Where can i look for more info re this? Might be looking into it for my Mum.

Re: Pension info for immigrating parent
 

Hi Simon,
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html

And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm

So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual :)

Re: Pension info for immigrating parent
 

Thank you so much... very kind...

Re: Pension info for immigrating parent
 

Another option would be to keep a UK account and set up a bank account in New Zealand. This can be done before she leaves through some New Zealand banks. Brokers offer a regular payments option via direct debit which a cheaper option than setting up a standing order with your bank through lower transfer fees and a better rate. There is also more flexibility with this service for example there are three options:

1 – Fix the sterling amount
She will know how much sterling will be debited from her account for each transfer. The amount of New Zealend Dollar she receive will vary according to the exchange rate at the time of transfer.
2 – Fix the New Zealand Dollar amount
She will know how much New Zealand Dollars will arrive in her account every time.
The amount of sterling debited from her UK account will vary according to the exchange rate at the time of transfer.
3 – Fix both
She will know exactly how much sterling will leave her UK account and how much foreign currency will arrive in her New Zealand account

Alternatively she can speak to a pension specialist; there may be an option to transfer the whole fund, she will then save money on the rate, as the more she transfers the better the rate she can achieve.

I hope this helps

Sarah

Re: Pension info for immigrating parent
 

If you keep an online manageable UK account you can set up an account with BNZ whilst in the UK and they offer free cash movement with Moneycorp. Set up a monthly transfer from UK account £'s into BNZ account $'s with Moneycorp and the job is done.

Re: Pension info for immigrating parent
 

You guys are so helpful. Cheers

Re: Pension info for immigrating parent
 

A State Pension can not be transferred, however it can be 'swapped' for NZ Superannuation. Only private pensions can be transferred to a suitable scheme, but not if they have been converted to an annuity.

Re: Pension info for immigrating parent
 

Only been here 3 weeks but the helpful bit is something to behold :thumbup: I wanted a phone line and internet connection so I had a handset but no line. I mobile phoned Telecom and the line was active in less than 2 hours and the internet wireless modem arrive courier 07:00hrs next morning and was already active....:thumbsup: No one has even asked me for and card or bank details yet! But the peeps on this site are extremely helpful......:thumb:

Re: Pension info for immigrating parent
 

chc4me. I am sending you BE karma for these very helpful pro-bono posts. :starsmile:

Re: Pension info for immigrating parent
 

I couldn't believe when we were asked 'when do you want it delivered?', instead of 'we will deliver it on this day at this time'. :thumbsup:

Re: Pension info for immigrating parent
 

Regarding the 'private investments' - She should note that her overseas earnings are tax free in NZ for 49 months from the date she takes up residency. However, if these investments are shares she may find that her UK stockbroker is not allowed to hold them for her once she is no longer a UK resident.

I'm in a similar position to her and am now looking to hold my shares/Corporate bonds via a non UK broker but haven't yet found one - maybe someone on here has?

Re: Pension info for immigrating parent
 

I'm suprised by the comment that a non-UK resident can't hold shares/bonds via a UK Broker? Sounds to me like it is the internal policy of that particular broker, in fact now that I think about it I personally know of some ex-pats holding UK broker accounts. I'd suggest you try a couple of different brokers in the UK, starting with TD Waterhouse.
You could open an account with a NZ broker, but make sure you understand the fees when dealing in international shares, GBP 100 as a minimum cost per trade is common!