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Thread: Pension transfers from UK ????

  1. #1
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    Question Pension transfers from UK ????

    Has anyone transfered their pension over to NZ from UK ? if so how did you do it ? did you use an agent ? any advice please

  2. #2
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    Yes, I transfered my two pensions from the UK last year using an agent. Under UK law it has to go into a QROPS scheme, but if you are over 50 and have been outside the UK for 5 years you can take 40% as a lump sum.

    I used a company based in Wellington after talking to a few companies as they varied in fees and timescale.

    If you would like any further info just pm me

    Rebecca


  3. #3
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    We've done it too through Britannia all invested now till we can get our greedy mits on it in 2013

    Karen x

  4. #4
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    speak to your bank as they can do this for free. pm for more info!

  5. #5
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    I'm not due to retire until Sept 2014, but hopefully we will be living in NZ by then, I have a personal pension that I get monthly now, will I be able to sort out receiving my government pension in NZ from the UK over the internet, or do I need to use an agent? and will we lose a lot in the currency conversion?
    Thanks

  6. #6
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    This is a useful website for your NZ pension needs, http://www.broadbaseinternational.co...nts-in-nz.html

    Unfortunately whatever your UK State pension happens to be when you have it transfered it will never increase from that amount, you will never have a rise. This UK law applies to Canada, Australia, SA, and NZ. If it goes below the NZ pension the NZ govt will make it up to the local level.

    http://www.direct.gov.uk/en/Pensions...on/DG_10026714

    The UK Govt have been taken to the European court about this anomoly.
    http://www.guardian.co.uk/money/2010...ensions-ruling

    Hope this will help
    Gran
    Last edited by Gran; 12th June 2011 at 01:19 PM. Reason: add a word

  7. #7
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    But the picture isn't that black if you end up in NZ, because as Gran says, because of the agreement between NZ and the UK, the NZ government will top up what you get from the UK to whatever a NZ citizen would receive, which is currently more favourable than the UK basic state pension. Therefore, while over the years your UK state pension remains static, without cost-of-living rises, the NZ 'superannuation' (their name for the state pension) goes up proportionally. (And if you ever went back to the UK to live, your UK pension would take a jump to what you would have if you'd been there all along.)

  8. #8
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    JandM. Do you know whether the NZ top applies to people who arrive in NZ after the age of 55 also wanted to point out that from my understanding you will only re-qualify for the full UK pension should you return to the UK if you have the required NIC contributions which I believe is 30yrs worth. Although again I believe that this may change and that simply by by being resident (legally I presume) you will qualify for the pension. In addition I also wondered if the situation will be complicated by difference in age qualification i.e NZ super still currently being paid at 65 as opposed to the UK which is now 67 or 68 and likely to move higher. Any clarification that you can provide would be most welcome as I am currently considering a return to NZ (I have what was previously known as IRRV status) and have just celebrated my 55th birthday.

  9. #9
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    Hi,

    Does anyone know how it would work if you arrive in New Zealand from the UK say at the age of 60 and you were not expecting to get a full UK state pension through lack of NI contributions. Am I right in thinking you would receive the partial UK pension at the age of say 67 and this would be topped up to the level of NZ super? Also what would then happen between the ages of 65 and 67 if the two systems still don't meet ?

  10. #10
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    Quote Originally Posted by gonzo View Post
    JandM. Do you know whether the NZ top applies to people who arrive in NZ after the age of 55
    Sorry, no, I don't - that issue hasn't cropped up on the threads here. This looks like a good place to start looking for information, and also to be where you could contact for a comment on your particular plans. http://www.workandincome.govt.nz/man...ed_kingdom.htm

    also wanted to point out that from my understanding you will only re-qualify for the full UK pension should you return to the UK if you have the required NIC contributions which I believe is 30yrs worth.
    I'm sure you're right. If you notice, I said above, 'And if you ever went back to the UK to live, your UK pension would take a jump to what you would have if you'd been there all along.' That is, if you would have had full pension after a full set of contributions, that's what you'd get, but if you would only have 2/3 or whatever other fraction, you'd get it at that point.

    Although again I believe that this may change and that simply by by being resident (legally I presume) you will qualify for the pension. In addition I also wondered if the situation will be complicated by difference in age qualification i.e NZ super still currently being paid at 65 as opposed to the UK which is now 67 or 68 and likely to move higher. Any clarification that you can provide would be most welcome as I am currently considering a return to NZ (I have what was previously known as IRRV status) and have just celebrated my 55th birthday.
    These various points are beyond my knowledge, I'm afraid - I'm not a professional, just someone who's researched what would happen in my own case. Here's the UK government site where you may get information. http://www.direct.gov.uk/en/BritonsL...road/index.htm

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