Type "UK pension to NZ" (or similar) into any search engine, and you're presented with numerous companies extolling the various benefits of transferring your British pension to a New Zealand Qualifying Recognised Overseas Pension Scheme (QROPS).
Some of these organisations have "QROPS" or "transfer" as part of their name or may even be promoting their own QROPS product, so you could be forgiven for thinking that transferring to a QROPS is the only viable option.
This is categorically NOT the case!
Are you sure you want to transfer your UK pension? STOP! Don't act until you understand all the options and implications.
I've already transferred my UK pension to a NZ QROPS. Is it possible to switch to another pension scheme?
SIPP or NZ QROPS? How might changes to UK pension legislation in 2017 affect your UK-NZ pension transfer options?
The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of "fairness in the tax system."
As the British government prepares to ban pensions cold calling, GBPensions takes a look at the grievous problem of financial scams, and how members of the public can protect themselves against the investment fraudsters.
UK Finance Bill, December 2016. Major changes for overseas pension transfers might be around the corner - and it could be good news!
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