Pension Transfer

Old Jun 25th 2008, 12:08 pm
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Question Pension Transfer

Can anyone recommend a decent pension transfer company?
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Old Jun 26th 2008, 7:54 am
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Default Re: Pension Transfer

Originally Posted by Kerrygold View Post
Can anyone recommend a decent pension transfer company?
I thoroughly recommend this guy, [email protected]
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Old Jun 26th 2008, 8:09 am
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Default Re: Pension Transfer

I can recommend Carol Garrett. Her website is www.ukpension.co.nz

She did exactly what she said she would do and her charge was very reasonable, which was taken out of the comission she received from the insurance company. Carol refunded part of her comission as it was more than the fee that we agreed.

When I transferred my pension two years ago one company wanted to charge me 5% of the sum transferred whereas Carol charged me a fixed sum which was only a quarter of what the other company wanted.

Regards,

SidNZ
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Old Jun 28th 2008, 2:26 am
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Default Re: Pension Transfer

These people that are recommended get big fat fees/commissions that you end up paying for either up front or eventually.
For doing some admin. or placing you in an innapropriate or poor performing high fees scheme.
There are apparently a number of institutions that will do it for free.
One is ASB who offer a number of reasonable funds/schemes to get into.
It needs to go into a QROPS fund which has been recognised by the HM revenue in UK as being acceptable.
Do a little bit of research yourself
Check it is a good thing for your pension circumstances to transfer to NZ
Do not trust what anyone tells you if they have a vested interest!
Good luck
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Old Jun 30th 2008, 9:55 am
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Default Re: Pension Transfer

Hi,

We are in the process of transferring several Pensions over from the UK, both Money Purchase schemes and Final Salary, there are quite a few brokers out there who say they can and all will charge you a fee or get a commission from the pension companies - which is fair enough as they have to earn a crust.

HOWEVER The 'danger' to the value of your pension is not within their charge it is:-

1. Particularly with a Money Purchase scheme; the pension scheme that you are exiting will 'sell' your funds within the market and so there is a danger that between the time that you press the 'go' button and the day that the funds are encashed the stock market may drop - as it has done recently by circa 18%!

2. The next 'trap' is that quite a few (most) Pension companies still insist on sending a cheque payable to the NZ pension company in £ sterling so by the time the chq is encashed some 2-3 weeks later the exchange rate may have moved adversely.

So your pension funds are in danger of loosing value between the time that you say 'yes go ahead' and the purchase of the NZ$ Units.

After much research I have found two Brokers who have produced a product (with NZ Banks, and pension companies)that can cut out most of the risk - this scheme was developed originally for the British Police who were moving their Pensions out to NZ.

1. You complete all the forms and paperwork giving firm instructions that the transfer will not be activated until a day when you are happy with the stock market values.

2. The £ value will be transferred to the NZ Pension provider in £ Sterling AND WILL REMAIN IN £ Sterling until you are happy with the exchange rate then and only then will it be converted to NZ$ and the Units purchased.

I am meeting the representative of a well known and respected National firm of Financial Advisers tomorrow to do the final paperwork.

If satisfied I'll advise their name tomorrow (I used to work for the head offices of several Banks and Pension companies in the Uk so am able to understand all the 'small print')
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Old Jul 1st 2008, 7:57 am
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Default Re: Pension Transfer

Yes it all looks good no "Devils in the detail" contact David Smith or Philip Kilpatrick on the following [email protected]
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Old Jul 2nd 2008, 8:40 am
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Default Re: Pension Transfer

Originally Posted by James1st View Post
Yes it all looks good no "Devils in the detail" contact David Smith or Philip Kilpatrick on the following [email protected]
Sorry that should be [email protected]
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