Moved from the UK? Four reasons why your pension should be moved here too

Are you originally from the UK and now living in New Zealand, and thinking it may be a permanent move?

While you could continue receiving a pension from the UK, many expats are choosing to transfer their pension funds to New Zealand. Here are the key reasons why:

LESS STRESS, MORE CONTROL

Consolidating your assets in New Zealand makes it easier to keep track of your funds and there's far less hassle dealing with a local provider. Having someone in your time zone for a start, makes it easy to discuss your investment.

It's turbulent times globally, what with Brexit, midterms in the US and changes to global tariffs to name but a few. There are a raft of things that impact on exchange rates, but you won't be at the mercy of currency fluctuations and pricey international foreign exchange transfers when your money is invested in New Zealand.

FLEXIBILITY

When you move to New Zealand, you have up to 4-years to transfer your pension without incurring any tax, and if you become seriously ill you may be able to access your savings flexibly. Four years is time enough to settle in to your new home, get your new life sorted then of course, have quality time to think about your retirement funds.

PEACE OF MIND

You're living a great new life here in New Zealand and the last thing you need to be worrying about is whether or not your overseas pension provider is in good shape, is merging or even collapsing. You'll feel a lot better knowing your hard earned retirement funds are with a local provider, and you won't be liable for death duties as they don't apply to pension funds in New Zealand.  

EXPERIENCED HANDS

Before you decide to transfer your UK pension to New Zealand, there are a few things to think about. One of them is the experience of the firm you're looking to have manage your investment. One of the pioneers of pension transfers in Zealand is Britannia Financial Services. They've got some of the leading experts, with management and staff who have completed well over 20,000 pension transfers. In fact, they've got it down to a fine art and from the moment you fill in the form on their website, to your funds being in your new pension account at Britannia, should be six months or less.

SOME THINGS TO CONSIDER BEFOREHAND

Along with all the positives, there are some potential drawbacks to consider before you transfer, like the strength of the GBP / NZD exchange rate. Currency fluctuations can't be predicted.

There are invariably costs associated with transferring your UK pension scheme to New Zealand. And there are costs involved in investing into retirement schemes.

SO, WHAT NEXT?
If you're from the UK, haven't shifted your pension yet, and are still reading this article – you must be keen to find out more. Britannia can help. They have been in business for over 20 years and they offer a UK approved scheme for your continued stay in New Zealand.

Head to their website now to find out more about the positives and drawbacks of moving your UK pension to Britannia. You can also undergo a Pension Transfer Assessment or call them on 0800 29 39 39.

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Originally published by Stuff.co.nz:
https://www.stuff.co.nz/life-style/life/108136224/moved-from-the-uk-four-reasons-why-your-pension-should-be-moved-here-too