Many people who move to New Zealand to make a new life for themselves or are Kiwis returning to Aeoteroa to raise a family and enjoy the lifestyle they remember, have accumulated pension and superannuation funds whilst working overseas. Those who decide to make their life here often decide to transfer their wealth here too, which means looking at the options for moving their pensions to NZ.
Meet Rich & Jen
Richard and Jennifer have lived in New Zealand for around 10 years. They came to G3 approximately 2 years as they wanted expert and impartial advice on whether they should transfer their UK pensions to NZ, and if so, how they should do this, what type of scheme should their funds be transferred to and how should their money be invested so that it can continue to grow to aid their retirement planning.
Richard and Jennifer moved to New Zealand 10 years ago with their then 8 and 6 year old children.
Richard had two types of pensions in the UK – a personal pension and a free-standing Additional Voluntary Contribution (AVC) pension.
Jennifer had two final salary pensions based upon decent service periods with two UK employers, plus she had another ‘money purchase’ employer scheme and one personal pension.
They decided that they are not moving back to the UK as they love the lifestyle in NZ.
- Richard is 59 years of age
- Jennifer is 48 years of age
- Their children are now teenagers
- Jennifer works as an employee in a local financial services business
- Richard is a ‘stay at home’ father but does work part-time occasionally
- They have accumulated approximately $500,000 of UK pension funds between them
- They wish to stay living in NZ, loving the lifestyle
- They wanted to bring most of their wealth to NZ for their financial future
- They wanted to ascertain what their options would be for transferring their UK pensions to NZ and understand any tax and other implications
- They wanted impartial advice on what is in their best interest
- Having control of where their pension funds are invested
- To understand what it would mean to transfer their UK pensions to an NZ scheme
- They wanted advice that was going to be impartial, give them full options of the pros and cons of transferring to NZ or retaining the pensions in the UK
- Advice on which type of investment funds they should invest in if the money is transferred
- Ongoing advice as they know there are rules and regulations around transferring their UK funds and they need to be kept informed of any changes that would affect them and their choices for the future
These people often feel confused about:
Which adviser is going to give them the best help as there are so many adviser advertising that they are able to facilitate the transfers of their behalf.
They are confused by how advisers charge for this service and what it is going to cost them.
They know they can transfer but do not understand the rules and regulations around where their pension fund money is able to be transferred to and why.
They are confused by the tax rules in New Zealand when transferring their overseas money and how these could affect them and what tax they will have to potentially pay upon transfer.
They want to ensure they do the right thing with their pension funds, as they have spent many years working hard and accumulating this money, which is going to help them with the passive income they need in retirement.
How can we assist?
- We understand both the UK and NZ pension regimes and are experts in this pension transfer arena
- We understand the things that clients want to know when they consider transferring their pensions
- We understand that it is important for clients to have clearly set out what their choices are – what the death benefits are, what the tax implications are, what the potential retirement income available will be, what giving up guarantees in the UK will mean to them
- We provide knowledge and education to enable them to understand the pros and cons of transferring their pensions to NZ or retaining them in the UK
- If they transfer, we provide all the investment education and advice about how best to invest their funds
- We provide ongoing advice and guidance to ensure their pension transfers continue to meet any changes to UK HMRC legislation or NZ tax rules
- We provide peace of mind, control and certainty
Our Process
CALL G3 NOW 07 571 5333 TO RECEIVE YOUR NO OBLIGATION,
PROFESSIONAL CONSULTATION AT OUR COST.
Our Services
All of our services can be provided separately as required. However we find in most situations our clients require their own particular combination. We follow the process pictured above to ensure we provide each client with exactly the service to suit circumstance and budget.
