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Comparison between
UK Pensions and
NZ Superannuation Funds:
What you should know when transferring UK pensions to NZ
With a UK Pension
You
can receive a lump sum when you reach your pensionable
age. This is limited to 25% of the value of your
pension fund, or for occupational pension schemes
based upon a formula involving salary and service.
This latter formula is being done away with in respect
of service from April 2006, under the UK Government's
Simplification Programme.
If you die with a UK pension
scheme your spouse can get up to 2/3 of the pension you would
have received. If you both die your pension dies
with you, however,
If you both die leaving
qualifying dependent children , your UK pension could continue
for as long as you fulfill the schemes eligibility
criteria.
With New Zealand
superannuation plans all of your remaining investment
becomes part of your estate and is passed on to your
children, heirs.
Your payments from your UK
pension funds will be affected by exchange rates and
bank transfer charges.
New Zealand Inland Revenue assesses
worldwide income as taxable income even if your
investments are invested in tax havens. You may receive a
tax credit for any income tax already deducted in the
UK.
With a NZ Pension
At age 65 you will receive
a state pension (New Zealand Superannuation) if you
have lived in New Zealand for a total of 10 years
since you turned 20 and a total of 5 years since you
turned age 50. Any UK state pension will be
offset against (deducted) your New Zealand
superannuation entitlement.
You can
draw down on your investments usually from age 60
(depending on the requirements of the Trustees) and
this is regarded as assessable income for tax
purposes. You can set your own
income level.
Your personal
superannuation savings (not the Government's New
Zealand Superannuation) are part of
your estate on death.
Contact a LYFORDS adviser, 32 years of combined experience in UK financial services.
Phone:
Alison Renfrew 0064 4 471 0662
Toll Free: NZ 0800 4LYFORDS (0800
459367)
Fax:
0064 4
471 0615
e-mail: Please complete the fact finder form or email
ukpensions@LYFORDS.co.nz
[ Comparison UK vs NZ pensions- transfer UK pension to NZ ] [ Taxation Issues - UK NZ Pension Transfers ] [ UK NZ Pensions FAQ ] [ Glossary of UK Pension Terms ]
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