Herdsman

Good Morning / Evening All.

Well, I've been in NZ now for 2 years, after working in the same factory in South Wales for 25 years. Soooo... I've got 25 years pension in a fund in the UK, and nowt over here.
What I'm asking is, what's the best way forward? Do I start up a new pension? Are there Kiwi alternatives? I've worked at 3 different places since I've been here but no one I've spoken to is pensioned up. I've heard some vague mutterings about Superannuation, but what's that exactly?
You may have spotted I'm one of those people who is less than useful with savings, investments, pocket money etc. I thought I'd ask the good people of the forum before I went to see a finacial advisor of some sort.

Thanks,

Herdsman

Herm

Only my opinion -

I have only worked in one place here where a 'super' aka pension scheme existed and that was only open to very senior employees. I believe that company pension schemes, certainly final salary schemes, all but disapeared back in the 80's. Whilst some companies (government, welfare, foreign companies based here) still offer some sort of pension scheme most don't so its down to you - save money and invest either in land, property, shares or whatever and hope it yields a profit when you need it.

For what its worth I believe you should leave your pension in the UK and say nowt about it. You could transfer but new UK legislation requires that it be transferred into a scheme that will 'offer' an ongoing pension (to protect you)and as I understand it (as of today) there is no company in NZ that offers this. They will gladly take your hard earned pension - invest it for a few years and give you a lump sum return - but they will not guarantee an ongoing pension so transferring is not really an option.

Cheers

BEVS

I will PM you on this with what bits and bobs I have found out at the end of the weekend.

Is this an occupational pension fund or private ?

Age please.

edited to add. I believe new Uk rules apply from April 2006.

sky

Superannuation is just what the kiwis call a pension.

sky

I still have an nhs pension to transfer over here but I think certain NZ banks do it for free, maybe you should talk to them first.

Herdsman

[QUOTE=Apollo10]I will PM you on this with what bits and bobs I have found out at the end of the weekend.

Thanks Apollo.
Is this an occupational pension fund or private
Occupational

Age please.
*cough* 42, but I don't look a day over 50.
The system won't let me enter this post, as it is too short, so can I say a few words?
"You can lead a horse to water, but you can't climb a ladder with a bell in each hand."

Herdsman

Hello Apollo:
Any chance of that information?

Many Thanks,

Herdsman

sadie33138

You can read about NZ Superannuation here:
http://www.workandincome.govt.nz/get...annuation.html

westies

Hi there
Are you aware of the pro's and con's of transferring nhs pension over, we are just about to leave the UK and am totally confused over what to do with my nhs pension, think I will leave here for the time being and freeze it, is that what you have done?

Tracey