Advantages - what you will gain by transferring your UK Pension to New Zealand:
- Control over your money. You get to decide how your funds are invested and whether you wish to continue adding savings to it or not.
- Consolidate your retirement savings in New Zealand.
- You may be able to access more than 25% as a cash lump sum when you reach minimum UK retirement age, currently age 55, once you are outside the QROPS reporting period.
- No requirement to purchase an annuity at retirement age.
- No need to worry about your UK Pension provider - who is it with, is it safe, funded adequately, investing your funds wisely, or merging with another provider.
- No need to worry about the exchange rate risk and fees involved in bringing the pension funds over to New Zealand after retirement when the pension comes into payment.
- No need to worry about tax issues that would occur if your pensions come into payment in the UK.
- In the event of your death your NZ Superannuation plan will go to your estate.