UK state pension.

[dylan]

Hope someone can shed light on this for me or tell me where to go for advice.

What is the best thing to do with your state pension once migrated to NZ. I am nowhere near pension age but I quess that my pension credits I have already paid into(state system) will need to be transfered to the NZ system when I emigrate?
My concerns are:-

20years of paying into UK state pension could be worth alot more(in monetry terms) than 20 years paying into NZ state system, so when you transfer over do you get equivalent monetery value or years paid in value?
Also if you can leave the state pension where it is in the UK I belive you are not entitled to the anual increments? Am I correct or not?
Are there tax implications if you leave the state pension in the UK?

Not sure if im making sence here, just want some advice from the wise people out there in ENZ land as what is the best or compulsary way to do things?

[CJ22]

As I understand it, the system is simplified. You get you're state pension from the UK when you reach retirement age, but it's frozen at the value it was at when you stopped contributing, i.e. you leave the UK. The NZ pension then makes up the difference to the standard value of a NZ pension.

All that means in effect is that you will get the value of a standard NZ pension, but part of it will come from the UK.

I don't think there's any way to get any value-added from the UK pension.

I haven't read up masses about it, but that was my initial assessment.

[Croft]

You get the full NZ pension (called superannuation) but have to claim your UK pension which is then offset against the NZ pension. Essentially it is 'blind' to you. Your residency in the UK counts fully towards NZ pension rights.

For more details read here.

http://www.workandincome.govt.nz/doc...e-brochure.pdf