UK & Aussie Pension transfers
Have you got pensions in the UK or Australia that you’d like to transfer to New Zealand? Wright Financial can help.
UK Pension Transfer to NZ QROPS
Many returning New Zealanders and British expatriates transfer their UK pensions to New Zealand for the Qualifying Recognised Overseas Pension Scheme (QROPS) advantages on offer. The reasons that they do this are varied and can range from wanting the funds closer to home so that they can be managed more easily to protecting themselves from any nasty future legislative changes. Most people’s reasons vary although we have found some common threads tend to dominate once people fully grasp the implications of a pension transfer.
Payments from NZ QROPS are NZ tax-free
Distributions from New Zealand superannuation schemes are tax free as they are considered capital distributions rather than income payments. This means when it comes time for you to receiving funds from your New Zealand QROPS you do not need to declare anything in your New Zealand tax return, these are unique NZ QROPS advantages. This is also good news if you leave New Zealand as the New Zealand QROPS will pay you tax free from New Zealand, so you will not suddenly need to transfer your pension if you change countries.
Australian Pension Transfer to NZ
To transfer your Australian Super account to your KiwiSaver you must:
- have an active KiwiSaver account and your provider must be able to accept transfers from Australia
- have permanently emigrated to New Zealand
- transfer your entire Australian Super balance to your KiwiSaver account.
Contact us if you would like more information.rig