thepinkone

Quick questions - I was going to cash in my UK NHS pension before I came over, would I be best 'swapping' it? Is this an easy process? Or do I just start the pension process from scratch in NZ? (Ok not soquick questions - sorry)

BEVS

Hi Thepinkone.

What do you mean by cashing it in. Are you allowed to remove the funds then. My husband wasn't.

In the end he transferred the NHS funds over, using an approved qrops scheme & re-invested over here in NZ In fact, we did this with all our bits of UK private and occupational pension schemes.

rick78

This is an interesting thread... both my wife and I have NHS pensions (mine is 7yrs, Wifey's is 4yrs or so) and also a University USS one (2 years)... and we've been wondering what to do with them... we can see ourselves staying here, and I don't want to be stung by any charges if they are transferred in years to come.

thepinkone

I've opted for cashing it in -Bevs, as my pension fund is under 2 years old I am allowed to take it out (thus ending my pension) and have it as a lump sum. It will be taxed (not currently taxed) but will still be more than I put in due to the NHS added part. After 2 years this option is no longer there. I did think about transfering it over, but will start afresh in NZ.

BEVS

Right-o
You have answered your own question for you then.

thepinkone

I have indeed - was unsure, but have made my mind up!

rick78

I'm still trying to understand whether or not its worth transferring our pensions... i'd rather wait a while to determine whether we will stay indefinitely, but if there is a severe penalty for waiting say 5 years then I'd rather bring it over!