private pensions
#1
BE Enthusiast
Thread Starter
Joined: Feb 2009
Location: Norwich, Uk (sigh)
Posts: 396
private pensions
Hi all, I'm sure its been asked before but if I transfer my 2 private pensions from the uk to nz am I able to take out some of the money? As we are now hoping to buy a house here it would come in handy! thanks, Bevissa
#2
Re: private pensions
It is possible, my pension went to Germany to enable me to make a drawdown on it.
#3
BE Enthusiast
Thread Starter
Joined: Feb 2009
Location: Norwich, Uk (sigh)
Posts: 396
Re: private pensions
I've just been trying to read a 26 page document from a pensions transfer company and have decided I'm not designed to understand gumphh!!! Think it will end up being something else I leave until later........ Bevissa
#4
Account Closed
Joined: Jul 2007
Posts: 336
Re: private pensions
We have just taken from one 1/4 of the value to make us debt free.
Not sure if I can place two people contact details that we have used in NZ That work for the UK market.
So please PM me and I will send you the information.
#8
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Joined: Jul 2007
Posts: 336
Re: private pensions
HOPE I am able to recommend the following (Bev will say)
Steve Baker has done a transfer for me with a small pension transfer and i was able to take the full amount out.
Steve Baker works out of Christchurch( still working)
for LIFETIME FINANCIAL SECURITY LTD NZ
wwwlifetimeukpensionstranfers.co.nz
e-mail [email protected]
Tel 0064 3 3721947
He is also doing work for quite a few people that have given me good reports how good he is!!! Steve is from the uk so we used him due to advise from others and its worked for us even after all the paper work.
Also John from www.sterlingpensions.co.nz been operating for some time doing UK pension transfers.
He is a good guy and will tell you quite blunt that if he feels it works well in the Uk he will advise you not to move.
Hope this will help.
#9
Re: private pensions
That's fine. Jeremy Henderson of Broadbase is also open for business . He did our pension transfers.
There can be heavy tax penalties e 5 year rule is not adhered to.
NZ pension schemes generally have a retirement age of 55. Normally up to 40% of your fund could be taken before this age, so long as you meet with UK pension rules, but this then means that the remaining 60% is available from 55.
New Zealand QROPS schemes are obliged to report back to the HMRC any withdrawals of UK pension transfers from a New Zealand scheme if the scheme owner has been a UK tax payer in any of the last complete 5 UK tax years.
#12
Account Closed
Joined: Jul 2007
Posts: 336
Re: private pensions
Yes I have to say you are spot on Bev, but I was outside the 5yr and was good also for me to do it due to my age.