We speak frequently about the moving goalposts of UK and NZ pension legislation and how these might affect transfer options for NZ residents, and 2017 has been no exception.
For the first time in some years, there was a bit of potentially good news for investors regarding access to their funds! Here's a quick recap of the year's significant updates – and a few words of caution about how some members of the global financial services industry appear to be changing their tactics.
SIPP or NZ QROPS? How might changes to UK pension legislation in 2017 affect your UK-NZ pension transfer options?
Is the shine wearing off the traditional "gold plated" pension? A summary of the current situation with UK Final Salary Pension Schemes
Research by retirement consultancy, Mercer, found that the combined DB pension scheme deficit of the UK's 350 largest listed companies was £137 billion in December 2016. That figure was 300% higher than in December 2015.
How and why has this situation occurred?
In this article we take a brief overview of a very complex subject. By explaining some facts we hope to give readers a greater understanding of how all this may affect their 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!
Bringing you news and updates regarding to pensions and events supported by GBPensions