Information on transferring a UK Pension
Many people immigrating to New Zealand or returning here from the UK find the process of transferring their UK pensions to New Zealand daunting due to the complexity of the processes and the changing tax regulations. We can help.
Perpetual has a dedicated team of experts who are able to simplify the process, clarify taxation issues and eliminate much of the worry for you around transferring UK Pension Funds to New Zealand. This means that you can:
- Feel confident that your investment portfolio is personalised to you, your needs and circumstances;
- Optimise access to your money without incurring tax penalties;
- Avoid liability for substantial tax penalties incurred by taking “unauthorised payments” to a non-compliant Fund; and,
- Protect you and your assets through Wills, Enduring Powers of Attorney and Trusts
Transferring your UK pension fund can be done in two steps:
- Discuss your situation with an Authorised Financial Adviser and your accountant.
- Find a scheme into which to transfer your assets that works for you and is compliant with Her Majesty’s Revenue and Custom (HMRC) regulatory requirements.
Perpetual Portfolio Superannuation Fund combines compliance and choice.
From 6 April, HMRC has introduced a number of changes to eligibility and pension structures. Our Perpetual Portfolio Superannuation Fund, which has received more than $50 million of funds from UK pensions, is a superannuation Qualifying Recognised Overseas Pension Schemes (QROPS) fund, qualified to receive such transfers under the new HMRC regulations.
The new HMRC regulations require that all QROPS have a strategy in place to enable members to draw an income from the funds that are transferred from the UK. This is known as providing an "Income for Life." The Perpetual Portfolio Superannuation Fund "Income for Life" policy can be found here.
Our pension fund is also unique in that, through the Personal Plan capabilities, you are able customise your investments based on your personal situation and needs. Whether you want an emphasis on growth or want to be more conservative, the fund’s Personal Plan ability gives you the choice.
It is important to get financial help. A Perpetual Authorised Financial Adviser will work with you through the pension process, and answer any questions you may have once you decide to transfer your pension.
For more information, please read our Frequently Asked Questions.