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New rules to hit UK pension transfers to New Zealand
UK pension holders living in New Zealand are being advised to act quickly to avoid their money being stranded at home. New government legislation is due to be introduced next April that could prevent pensions being transferred to New Zealand.
According to Bridget Matheson, financial advisor for Stewart Group, Brits are currently permitted to transfer cash into a recognised scheme. However, UK workers who have put money into government private pension schemes should consider making a transfer as soon as possible.
Groups that will be hit by the regulations change include education sector employees, railway workers and those who used to be employed by the NHS. However, there is every chance that the government could introduce further changes to include pensioners in the private sector.
Because the transfer process can take as much as six months to complete, people are being advised to get the process started before October. Although new residents who have lived in New Zealand for less than four years are not required to pay tax on lump sums, those who have lived in the country for more than four years are subject to varying levels of tax depending on how long they have resided in New Zealand.
Anyone concerned about the new rules are being advised to seek professional financial advice.
According to Bridget Matheson, financial advisor for Stewart Group, Brits are currently permitted to transfer cash into a recognised scheme. However, UK workers who have put money into government private pension schemes should consider making a transfer as soon as possible.
Groups that will be hit by the regulations change include education sector employees, railway workers and those who used to be employed by the NHS. However, there is every chance that the government could introduce further changes to include pensioners in the private sector.
Because the transfer process can take as much as six months to complete, people are being advised to get the process started before October. Although new residents who have lived in New Zealand for less than four years are not required to pay tax on lump sums, those who have lived in the country for more than four years are subject to varying levels of tax depending on how long they have resided in New Zealand.
Anyone concerned about the new rules are being advised to seek professional financial advice.
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