Should I transfer my pensions to New Zealand?

anotherkiwi

I am 30 years old and have been living in the UK for 5 years. I'm moving back to New Zealand this year (leaving in July). I have two UK pensions - one occupational one from a job that I left a year ago and a stakeholder pension which I am still paying into.

I have been struggling to get any advice about this. No one wants to know. I think the rules have changed or are changing this year. I've contacted a couple of superannuation suppliers in New Zealand. One has not got accreditation yet and one is yet to get back to me about transferring to their scheme.

I know it is a complex issue and impossible to know what the situation will be in 30-plus years when I retire.

One company in the UK was going to charge £1000 to tell me whether it is a good idea to transfer or not!

Am I going to be able to get this money one day, or will I more or less have to write it off?

If so, how do I complain about the IFA who advised me to set up the stakeholder plan? I made it clear that I was moving back to NZ in a couple of years, but this seems to have been totally bad advice.

JoeK_3

First of all, are you absolutely certain that you will stay in NZ.

If not, it mat be prudent to leave the money in the UK until you are sure. If you then decide that NZ is the place for you, you could then investigate moving the money accross.

With the knowledge that you are due to go to NZ, it may be in your interest to stop making any further paynents into your stakeholder plan.

JoeK