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Moving abroad
awythelads
Posts: 1 Newbie
Can anyone help? We moved from the UK to New Zealand in 2009. I have 3 personal pensions- which are still in the UK. I was able to contribute to two of them for up to 5 years from 2009 to 2014 and then had to stop. I have now been allowed to start contributions again with one of the providers.
Dilemma! I am 64 ys of age and still working. I do not need the pensions yet. My dilemma is do I leave them in UK ( NZ and UK have a double tax agreement) or transfer them to NZ where they are apparently placed in a Superannuation fund. I have been told that when I draw down on the fund there is no tax to be paid, BUT if I transfer now I will have to pay the NZ Inland Revenue some thousands of dollars. I was told this by someone involved in Transfers.If I leave it until 2021 then that tax bill goes up by around $3,000.
This is my dilemma!!!!
I am aware that the Financial industry is better regulated in UK than it was some 10plus years ago. What are the regulations and protections in NZ- this is less clear to me and I suspect, not know that it is not as sophisticated as the UK. But I might be prejudiced on this matter. There were many financial scams in NZ when we came to live here in 2009. There were a series of them.
New Zealanders, apparently, are not keen savers- so I have read.
Does anyone have any experience on this matter as I am concerned about tax liabilities. I have started a process with the UK gov. Pensionwise organisation, but they cannot advise on this matter. I have been given many UK gov. web addresses which look helpful. I recently spoke to another guy in NZ- Hendersons International- he has given me some information. I have asked him about regulators and protections to pension policies-in law.
Dilemma! I am 64 ys of age and still working. I do not need the pensions yet. My dilemma is do I leave them in UK ( NZ and UK have a double tax agreement) or transfer them to NZ where they are apparently placed in a Superannuation fund. I have been told that when I draw down on the fund there is no tax to be paid, BUT if I transfer now I will have to pay the NZ Inland Revenue some thousands of dollars. I was told this by someone involved in Transfers.If I leave it until 2021 then that tax bill goes up by around $3,000.
This is my dilemma!!!!
I am aware that the Financial industry is better regulated in UK than it was some 10plus years ago. What are the regulations and protections in NZ- this is less clear to me and I suspect, not know that it is not as sophisticated as the UK. But I might be prejudiced on this matter. There were many financial scams in NZ when we came to live here in 2009. There were a series of them.
New Zealanders, apparently, are not keen savers- so I have read.
Does anyone have any experience on this matter as I am concerned about tax liabilities. I have started a process with the UK gov. Pensionwise organisation, but they cannot advise on this matter. I have been given many UK gov. web addresses which look helpful. I recently spoke to another guy in NZ- Hendersons International- he has given me some information. I have asked him about regulators and protections to pension policies-in law.
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