UK immigrants and New Zealanders who have lived and worked in the UK are able to transfer their pension savings into New Zealand with our help. Many people have encountered difficulties attempting this without expert help because of the involved nature of the transaction and the amount of time involved.
Perpetual Trust is able to simplify the process, clarify taxation issues and eliminate much of the worry around transferring UK Pension Funds to New Zealand. Using the Pegasus Investment Fund (a superannuation scheme that is qualified to receive such transfers) Perpetual Trust has received more than $50 million of funds from UK pensions.
Changes to UK regulations administered by HM Customs and Excise in April 2006 mean that only New Zealand superannuation schemes that are Qualifying Recognised Overseas Pension Schemes (QROPS) can be used by former UK residents to transfer their pension funds to New Zealand. If funds are transferred into a non-QROPS scheme, it is deemed an “unauthorised payment” and the funds become liable for substantial tax penalties.
Many people with UK pensions have seen the benefits of transferring their funds to the Pegasus Investment Fund. Although exchange rates are not currently attractive for converting funds to New Zealand dollars transfers can still be completed with all funds held within the Pegasus Investment Fund in pounds until an appropriate exchange rate presents itself.
It is important to get expert financial advice. A Perpetual Trust adviser will ensure a successful conclusion to the pension transfer process, and answer any questions you may have.
If you are ready to transfer your pension, you can complete a Letter of Authority. This will enable us to obtain information about your UK Pension Fund and get the ball rolling. You must sign the Letter of Authority, so once it is completed, please print, sign and return to us.
For more information, please read our FAQ or Contact Us