one-page introduction to pension transfers - beginners guide to uk by Levone


									 Beginners Guide to Pension Transfers
Have you left any Pensions behind in the UK?                                                               Broadbase
If you’ve left a pension behind in the UK, you may    What are the main benefits?                          International
be thinking about transferring it to New Zealand.     1. Gain Control of your Pension                      specialises in
There are some great benefits to transferring         You’ll not only have more say in where your          providing expert,
your personal and occupational pensions to NZ,        funds are invested, you’ll possibly be able to       impartial financial
but there are also some things to watch out for.      access them early.                                   advice for Brits
At Broadbase International we firmly believe that     2. Ease of Administration
                                                                                                           emigrating to New
any decision involving your retirement savings        You can consolidate any number of UK pensions
should only be undertaken with great care – and                                                            Zealand and Kiwis
                                                      into one NZ superannuation scheme, and it is
you’ll be pleased to hear that we offer you expert,   much easier to keep track of your retirement         who have returned
impartial advice on whether transferring your UK      savings if they’re in the same country as you.       from the UK.
pensions is the best course of action for you.        3. Eliminate the Exchange Rate Risk
                                                                                                           Our services include:
This one page introduction to pension transfers       If you leave your pension in the UK you’ll be
covers our top tips and some of the questions         exposed to exchange rate fluctuations and pay
                                                                                                           • UK Pension
that people most frequently ask us. It should help    annoying bank charges on your pension income.        Transfers
you to decide whether you wish to investigate         4. Its Tax Efficient                                 • Retirement Planning
transferring your pensions to NZ. We have heaps       Your pension is taxed as it grows in NZ, but you     • Currency Exchange
more information in our comprehensive Pension         can take it as a tax-paid lump sum when you          Advice
Transfer Guide. You can order your free copy          retire – if you leave your pension in the UK you     • Insurance
from                 will pay NZ tax on the income you take.
                                                                                                           • UK & NZ Tax
When can I transfer my pensions?                      What are the drawbacks?                              Information
You can only transfer your pensions to New            The main drawback to transferring your pension
Zealand once you have permanently settled here.                                                            • Investments
                                                      is that you lose any income guarantees and
You should only transfer your pensions once you       dependants benefits that may be built in to your
                                                                                                           • Mortgages
have decided you are going to retire here.            UK pension scheme. Once it is in New Zealand,        A disclosure
You can transfer most UK pensions, even those         the growth of your pension fund and the money
                                                                                                           statement is available
in drawdown – but you cannot transfer your            available to you in retirement will depend on how
pension once you have purchased an annuity.           well your investments perform.
                                                                                                           on request.

Get the Right Advice on your UK Pensions…                                                                  We’ll investigate all
                                                      Make an informed decision                            types of eligible UK
What else do I need to know?
The New Zealand scheme you transfer you UK            Your UK pension is a valuable asset – possibly       pensions for you,
pension into needs to be approved by the UK           your second-biggest asset after your house. Part     including:
authorities as a QROPS.                               of Broadbase International’s commitment to you       • Final Salary
Pension transfers generally take between 6            is that we make sure that you make an informed       Pensions
weeks and 6 months to arrange – a lot depends         decision on whether transferring your pensions is    • SIPPs
on how quickly your UK scheme responds.               the right choice for you – we help you to
                                                                                                           • AVCs
The exchange rate you receive when you transfer       understand both what you are gaining and what
                                                      you may be giving up if you decide to transfer       • Personal Pensions
you pension to New Zealand can make a big
                                                      your pensions to New Zealand.                        • Occupational
difference to the size of your fund – make sure
you know when and how your UK pension will be         We’ve been transferring UK pensions to New           Pensions
converted into New Zealand Dollars.                   Zealand since 2002, and have helped hundreds         • NHS Pensions
We think that you should take an active interest in   of migrants and returning Kiwis with their pension   • Civil Service
                                                      planning.                                            Pensions
how your pension funds will be invested in your
NZ fund – especially as the performance of this       Take the next step                                   • Teachers’ Pensions
investment will determine your income in              Please contact us for more information on            • Defined Benefits
retirement.                                           transferring your UK pensions to New Zealand.
A good pension transfer service will charge you a     We would be delighted to answer any questions
                                                      you may have, and to send you a free copy of our     • Defined
fee to transfer you pension, which is deducted
from your fund before it is invested in NZ. This      comprehensive Pension Transfer Guide.                Contributions
fee and any ongoing charges should be disclosed                                                            Pensions
up-front, and you should know what you are
getting for your money.

                  Broadbase International Ltd | Specialist Financial Services for Brits in NZ and Returning Kiwis
            | +64 3 961 3709 |

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