uk pensions.
 

Some time back I read of Brits in NZ fighting the Brit government on the subject of frozen pensions. Could someone give me the latest state of play.

Thank you,

Davie.

Re: uk pensions.
 

Still frozen.....:thumbdown:

Re: uk pensions.
 

I'm assuming this is in relation to the state pension? I know that it is frozen but my occupational pension in the UK will continue to accrue cost of living increases

Re: uk pensions.
 

Correct..:thumbup:

Re: uk pensions.
 

mmmm, we moved here last August and haven't done a thing about our UK pensions... Gernally, is it better to move them to NZ? And if so, who do you speak to - financial advisers?

Re: uk pensions.
 

Definitely start with a financial advisor... But it's generally knowing what you'd expect to get in the UK... And compare it to what it will buy you over here. I'm not clued up on the tax implications as not been involved to that extent before. That's for a work pension. The state pension. From what I've read up myself... I'd rather give up my UK rights for a full one here. That's a decision that doesn't need to be made until nearer state pension age though

Re: uk pensions.
 

as far as I am aware the rules still allow you 4yrs with no additional tax implications to move the money across. We are not decided if we will be staying so have not moved it.

Re: uk pensions.
 

One of the factors we looked at when considering moving our pensions if we end up in NZ is that fact we can retire three years earlier in NZ than in the UK. My retirement age for the UK is nearly 68yrs old now and predicted to rise to 70yrs, it was 60yrs when I started my working life.

Re: uk pensions.
 

I've seen someone? on this forum who gives financial advice. He gets loads of good recommendations. Hopefully he will see your original post as he probably knows of any changes in the UK pipeline (which there are I think) which might include State Pension. As others have said, at the moment definitely still frozen. :thumbdown:

Re: uk pensions.
 

I'm using him now to transfer both of our final salary pensions over to NZ from the UK. His advice has been great so far and I would recommend him.
I found that he had answered some questions on other threads and he gave me some advice then I got in touch with him to help me out.

MrsFychan - it wasn't personal info. It was business info - i.e. business details, address and telephone numbers. All details are available on their website.

Re: uk pensions.
 

Don't confuse state pension with private pensions or for that matter private pensions that have been rescued in the private sector by the Pension Protection Fund of 2004. The pensions private and under PPF will get incremental adjustments but the state pension will not.
Expat state pension rises: David Cameron 'sympathetic' to calls for end to freezing - Telegraph

Re: uk pensions.
 

I think you must mean Chc4me. Click the name.

Here is one of his threads.

Re: uk pensions.
 

Hi Davie,

As others have said, it is important to separate State Pensions (which your question refers to) and private pensions.

UK pensioners living abroad in certain countries, including Australia, Canada, New Zealand and South Africa, have their state retirement pension "frozen". In other words, their State Pension is paid at the same rate as it was when they first became entitled, or the date they left the UK if they were already pensioners then. (Source)

If receiving the State Pension from the UK, tax is due to be paid on the full amount here in NZ (assuming you are living in NZ).

As NZ has a reciprocal agreement with the UK, Pensioners are able to 'swap' their UK State Pension for a NZ State Pension and receive the full NZ State Pension which ranges between $282 and $366 per week after tax (source.)

The NZ Govt will collect the 'frozen' UK State Pension to help offset their costs.

The only requirement to be eligible for this 'swapping' of pension you must be age 65 or over, a NZ Citizen or Permanent Resident, and usually live in NZ at the time of application. There is no need to have lived in NZ for a certain number of years (even though some people will tell you otherwise!).

This is a pretty fair system and for most Pensioners, swapping the UK State Pension for a NZ one usually results in a higher income.