We've been thinking about transfering our pensions over to NZ
#1
We've been thinking about transfering our pensions over to NZ
So yesterday we had a guy from Britannia Financial Services Ltd over to the house to explain what they could do. It all sounded good apart from the fee, a thousand dollars each or 5%, which is the greater. We've not got masses of money in our pensions back in the UK so I'm not wanting to spending a big amount of cash bringing them over.
I know very little about pensions, I used to glaze over as soon as someone mentioned them back in the UK during all the changes that happened to our company pension. I explained to the guy that we had one bloke in our office that read through the huge amount of documents we received on pensions back in the UK and whatever he did, we followed.
I have got much more urgent stuff to be spending $2000 on.
Has anyone got any advise or recommendations?
I know very little about pensions, I used to glaze over as soon as someone mentioned them back in the UK during all the changes that happened to our company pension. I explained to the guy that we had one bloke in our office that read through the huge amount of documents we received on pensions back in the UK and whatever he did, we followed.
I have got much more urgent stuff to be spending $2000 on.
Has anyone got any advise or recommendations?
#2
Re: We've been thinking about transfering our pensions over to NZ
No help from me but I am interested in replies as I'm also thinking about doing this with my 10yrs worth of NHS pension.
#3
Re: We've been thinking about transfering our pensions over to NZ
I'm pretty sure this chap charged 1% at the time (2007) http://www.perpetual.co.nz/person/450/view.aspx
#5
Re: We've been thinking about transfering our pensions over to NZ
There are often ads displayed regarding this on the forum pages at the bottom of the page :-)
#6
Re: We've been thinking about transfering our pensions over to NZ
So yesterday we had a guy from Britannia Financial Services Ltd over to the house to explain what they could do. It all sounded good apart from the fee, a thousand dollars each or 5%, which is the greater. We've not got masses of money in our pensions back in the UK so I'm not wanting to spending a big amount of cash bringing them over.
I know very little about pensions, I used to glaze over as soon as someone mentioned them back in the UK during all the changes that happened to our company pension. I explained to the guy that we had one bloke in our office that read through the huge amount of documents we received on pensions back in the UK and whatever he did, we followed.
I have got much more urgent stuff to be spending $2000 on.
Has anyone got any advise or recommendations?
I know very little about pensions, I used to glaze over as soon as someone mentioned them back in the UK during all the changes that happened to our company pension. I explained to the guy that we had one bloke in our office that read through the huge amount of documents we received on pensions back in the UK and whatever he did, we followed.
I have got much more urgent stuff to be spending $2000 on.
Has anyone got any advise or recommendations?
#7
Re: We've been thinking about transfering our pensions over to NZ
there was - is a guy on here that sometimes posts and he's told me a heap about pensions - -but like you I fight to not glaze over
#8
Re: We've been thinking about transfering our pensions over to NZ
We both have pensions with 10 years in them, it is something we will have to think about one day. I remember reading you can pay in for a couple of years from NZ but I'd like to keep paying in for longer. Guess thats the transfer part? It is all very complicated.
#9
Re: We've been thinking about transfering our pensions over to NZ
I understand that pension transfer is a one way ticket. You can't transfer it back to the UK should your circumstances change. Or is that just Australia ? People have got their fingers burnt in this way.
#10
Re: We've been thinking about transfering our pensions over to NZ
But UK and NZ aren't the only choices, you can transfer it anywhere there is a QROPS-recognised scheme to transfer it to, elsewhere in Europe for e.g., may be other options.
#11
Re: We've been thinking about transfering our pensions over to NZ
I have a friend who is a financial advisor, he tells me that there is an international pension that you can transfer UK based pensions into. He is investigating the finer details for me as I have a good teachers pension.
#12
Forum Regular
Joined: Oct 2008
Posts: 118
Re: We've been thinking about transfering our pensions over to NZ
Try mike Wilkey at financial migration services in Hastings. He is British so wealth of knowledge on both sides and can at least give you a comparison.
#13
Re: We've been thinking about transfering our pensions over to NZ
We have asked Global QROPS to do a report for us and although the fees seem quite expensive they are taken from the fund and dont have to be paid up front.
The guy came to our house and went into things quite deeply and answered all the questions I had.
Now bearing in mind we both have good pensions in Local Government Pension Fund schemes, which will be hard to beat, so he is doing the report and will advise on transfer or not.
They are legislated by the FSA so any problems with what they tell you, they can be reported to FSA so feel confident enough to use them initially but will see what they come back with.
The guy came to our house and went into things quite deeply and answered all the questions I had.
Now bearing in mind we both have good pensions in Local Government Pension Fund schemes, which will be hard to beat, so he is doing the report and will advise on transfer or not.
They are legislated by the FSA so any problems with what they tell you, they can be reported to FSA so feel confident enough to use them initially but will see what they come back with.
#14
BE Enthusiast
Joined: Jul 2008
Location: Auckland
Posts: 463
Re: We've been thinking about transfering our pensions over to NZ
The IRD are proposing to change the treatment of these schemes (by taxing the money when it is received instead) so while these things are up in the air it might be wise to defer making a decision for the moment, if that is an option.
We've transferred ours to NZ now because the four year new migrant tax exemption was coming to an end for us and I don't wan't to have to keep abreast of the rules of two different Governments at the same time. UK Governments have the habit of changing the rules on pensions on a regular basis.
#15
Re: We've been thinking about transfering our pensions over to NZ
This is something I've often wondered about, but like matt they aren't huge (7 and 5 year NHS ones, and a 3 year University one).