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Opinions & Information

An Alternative Transfer Solution for UK Pension Funds

Can I still transfer my UK Pension fund?
Yes, providing your fund is not a Public Sector fund then it can still be transferred. Public sector funds, i.e. NHS, Teachers or Police pension can no longer be transferred.

Are there are any restrictions to transferring my pension to Australia?
All UK pension transfers have only been available for clients aged 55 and over and only via a ROPS SMSF.

Can I transfer my pension if I am under the age of 55?
Yes, there are no age restrictions on transferring to a NZ QROPS. At age 55, you can roll the whole fund or a percentage of the fund into an Australian ROPS approved Self-Managed Super Fund, subject to Australian superannuation contribution caps. Alternatively you may decide to keep the funds invested in New Zealand and draw your income direct from your New Zealand Superannuation fund.

What are the benefits of transferring to a NZ QROPS?
• NZ QROPS Scheme can offer potential tax efficiencies and flexibility compared to a UK fund
• You can nominate any beneficiaries to receive remaining proceeds of your fund upon death as a lump sum

Are there any limits on the amounts transferred?
No there are no contribution caps in New Zealand, therefore any amount can be transferred

Can I hold my monies in Sterling?
One of the key advantages of transferring funds into a NZ ROPS is that you are able to take advantage of the strong exchange rate and convert your fund into Australian Dollars. If the interest rate is not favourable at the time you can elect to keep your fund in any currency you wish.

Do I need to be resident in NZ to transfer?
No the I-Select ROPS fund is open to non-residents

Can I access any of my funds?
Currently you are able to access 30% of your fund from age 55 and the rest of the fund must be used to provide a pension for life. ROPS rules may at some point in the future change to mirror some UK schemes which allow fully flexible benefits from age 55. This would provide even greater flexibility to you and your pension benefits.

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