What is a UK Pension Transfer Scheme?
The Qualifying Recognised Overseas Pension Scheme (QROPS) was established in the 2004 Finance Act in the UK. It enables those individuals who have left the UK, or are planning to leave the UK to migrate their UK pension entitlements internationally to a HMRC authorised pension trustee in an authorised jurisdiction.
A QROPS transfer offers flexibility with your income payments and payments in a currency where you reside, whilst also allowing you to decide on the types of investment funds that fit your own risk profile.
Why should I choose a QROPS?
QROPS give you more control over where your pension fund is invested, it allows you to consolidate a number of pensions into one and gives you freedom of when to take income from age 55years.
Furthermore, the remaining fund is left to your beneficiaries without any deduction of UK tax upon death.
What is the process?
Initially with your authority, we can trace all existing entitlements, establish up to date valuations and request a full schedule of benefits so we know exactly how your entitlements work. If you have a UK defined benefits pension we will work in conjunction with an FCA regulated pension transfer specialist and whilst taking into account your personal background and longer-term aspirations, we can provide the necessary regulatory oversight in New Zealand and the UK to enable you to make a prudent decision as to the right option in the future.
What are the key benefits of a QROPS through deVere New Zealand?
Please note: Any transfers to a New Zealand pension that has UK QROPS status after 9 March 2017 could be subject to a retrospective tax charge should you leave New Zealand and become resident in another jurisdiction within 5 years of the transfer. Professional advice should be sought.
Contact a deVere New Zealand adviser today for a free no-obligation consultation on:
+64 9 489 6380 or email [email protected].
deVere New Zealand’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online.
The department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.
Our press office does not have access to client details and will not be able to assist with individual client enquiries.