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Thread: Losing out for opting for Kiwisaver?

  1. #1
    Join Date
    May 2012
    Location
    Feilding, NZ from Canterbury
    Posts
    59

    Default Losing out for opting for Kiwisaver?

    Hi All,

    I have been surfing around on different websites, hearing of all types of horror stories in regards to the Kiwisaver scheme. I am 27 and have been a member of the British Army for the past 11 years and therefore qualify for a pension at age 55. That pension is nothing to shout about, however with my self joining the NZDF I have the option to go on the Kiwisaver scheme. My question is if I was to complete 10 plus years on Kiwisaver would I have to forfeit my British Army pension to gain my Kiwisaver or vice versa. I have also heard of people being told by Kiwisaver "That they would not recieve there pension from them as they already have a penision scheme build up in another country"?

    I do apologise in advance if this question has came up before. Many thanks.

    Luke

  2. #2
    Join Date
    Feb 2011
    Location
    Lincoln, UK to Rotorua, NZ
    Posts
    492

    Default

    Quote Originally Posted by theduke View Post
    Hi All,

    I have been surfing around on different websites, hearing of all types of horror stories in regards to the Kiwisaver scheme. I am 27 and have been a member of the British Army for the past 11 years and therefore qualify for a pension at age 55. That pension is nothing to shout about, however with my self joining the NZDF I have the option to go on the Kiwisaver scheme. My question is if I was to complete 10 plus years on Kiwisaver would I have to forfeit my British Army pension to gain my Kiwisaver or vice versa. I have also heard of people being told by Kiwisaver "That they would not recieve there pension from them as they already have a penision scheme build up in another country"?

    I do apologise in advance if this question has came up before. Many thanks.

    Luke
    Luke, OH is ex British forces (26 years in) so I will check with him. Is your British pension coming into your bank account in NZ? We have his going into our UK account.

    Will get back to you later

  3. #3
    Join Date
    May 2012
    Location
    Feilding, NZ from Canterbury
    Posts
    59

    Default

    MetalSoul,

    Thank you for you reply, however please be aware that my pension will do kick in untill 2040 (so some time away) but with pensions you have definitely look to the future ha ha. But any light you can spread on it will help. Many thanks.

    Luke

  4. #4
    Join Date
    May 2012
    Location
    Feilding, NZ from Canterbury
    Posts
    59

    Default

    Just a quick update,

    I have just came off the phone to Kiwisaver and they reassured me that I would not lose out with, and that I could have the two pensions. But they did end with "please read your full terms and conditions before electing to accept or to decline". If any one else has first hand experience of this matter, please inform me of your experiences. Many thanks.

    Luke

  5. #5
    Join Date
    Feb 2011
    Location
    Lincoln, UK to Rotorua, NZ
    Posts
    492

    Default

    I asked OH and he's not sure but it seems you've sorted it

  6. #6
    Join Date
    Feb 2006
    Location
    Motueka, NZ
    Posts
    44

    Default

    You ought to join the Forces Pension Society for unbiased specialist advice. The annual subscription is very reasonable.

    There is no problem in having an NZDF pension with one of the many Kiwisaver providers, whilst retaining your British Army preserved pension which will be triggered in GB Pounds (UK index linked) when you reach age 55. You also have the option of transferring your preserved pension value to a QROPS approved NZ pension scheme, which applies to almost all Kiwisaver schemes. This is unlikely to be financially advantageous, but requesting the "capital transfer value" of your preserved pension will at least leave you better informed.

  7. #7
    Join Date
    May 2012
    Location
    Feilding, NZ from Canterbury
    Posts
    59

    Default

    Fairburning,

    Thank you for your advice in regards to my pension I will get onto FPS and sign up. Many thanks.

    Luke

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