londonescapee

Hi all,

I wondered whether anyone had any recommendations for pension transfer companies - and also which ones to steer clear of! I've found quite a few threads on pension discussions which are really interesting but nothing so much on who are the better ones.

Feel free to PM if you'd rather not say online. Would be most grateful for any responses as there are so many of them advertised I can't figure out who is better.

Thanks so much. Have great weekends everyone.

Jan n Neil

My new NZ employer advised me not to transfer my pension fund from the UK. Also I used to work for a pension company many years ago and people who transferred funds ALWAYS lost out due to transfer charges. Consequently I have left my pension, paid up, in the UK. I know what I will get when I am 65 and, although it isn't massive, I know it is secure. (It's a university scheme).

I have started a new scheme again here, whcih is not as guaranteed because of the way funds are invested here, and I reckon I will probably have to work to beyond 65 to get a decent pension here, but I don't mind as I love my job This was all part our financial planning when we came here.

Jan

SidNZ

Hi Londonescapee,

I had two pension schemes in the UK. One was a local government one (did not have enough years to be based on final salary) and the other a company one with Standard Life.

Moved them both over and used UK Pension Transfers Ltd (you can google them). They did exactly what they said they would do and I thought the flat fee charged was very reasonable. One company wanted to charge 5% of the amount transferred which was a rip off.

Sid

mickey_d

All ours are still in the UK & will remain so, especially OH's NHS scheme!!
Not a good time to transfer anyway at the moment with the crappy exchange rate

londonescapee

Thanks very much for the advice I was looking at them and it's really helpful to have a personal recommendation. I've been looking into this for the last couple of years or so and want to get the process started - I dislike the amount of inflexibility I have with the UK funds. Mine are only tiddlers - 2 personal pension schemes that don't have much in as I haven't worked for long enough to have big pensions

SidNZ

You are right bad time to transfer. When I moved mine over the exchange rate was around $2.75 to the pound.

Genesis

So what should we be paying in comission?

SidNZ

Four years ago I paid $5k but time has moved on and it is more than likely that it will cost more now.

simonsi

That assumes there will be a "better" time/rate to transfer at in the future, there is no guarantee of that and it would buck the long-term £/NZ$ trend (go to www.xe.com and chart the rate over 10 years).

mcuddy1

I payed 1% with Broadbase. It was quick and easy.
But alas I chose the Pegasus fund in GBP. They were instructed to manage it more than once but the advisor left it in a low paying interest gbp account then proceeded to charge me more for doing fk all with it. Rip off NZ, reminds me of another thread LOL.

The new advisor keeps glossing over my complaints. BEWARE

londonescapee

Yes I agree with you there. Interestingly when chatting to Halo Financial they are thinking it may go back up to $2.60 to the £ by the end of this year. But then unless one is in possession of a crystall ball who knows! We can only make decisions based on our current circumstances. Or hope to win lotto

Thanks all for your input.

ragdolls2

you can transfer over at any time and hold the funds in NZ in sterling until the exchange rate improves speak to pension transfers UK who operate with AXA

harrogate girl

Hi I have just done a transfer and have to say its worked out quite well for me and also a friend I will get the details for you and PM you.
Also a Good guy is John at Sterling Pensions 0800 42 86 69 or have a look at www.sterlingpensions.co.nz as he will advise you if it is best to leave it in the UK.

londonescapee

Thank you Ragdolls and Harrogate Girl I will have a look

BEVS

We have transferred several small pensions over which are currently being held in GBP earning naff all interest wise. We are both entitled to access 40% of the funds as we have been here 5 full tax years. The aim is to get rid of the mortgage.
Whilst the monies remain in GBP they will remain in a low interest paying a/c and won't be actively 'managed'.
We will both be taking out KiwiSaver.

When dealing with any NZ advisor they should give you a comprehensive analysis and report of the pros and cons of transferring over any overseas pension , based on your overseas pension details and answers you give about your intent for the funds here in NZ.

After that you will be given a risk assessment re. the investment of the funds.