Your Pension Fund Is One Of Your Biggest Assets. Make Sure You Use An Authorised New Zealand Pension Transfer Expert Who Can Reduce Your Transfer Fees By Up To 47%.
Now you have settled in New Zealand, you have decided you want to transfer your pension fund. But transferring your pension from the UK to NZ can be a stressful process and, in some cases, it might not even be the best thing for you to do.
Before you begin your pension fund transfer, there are some important questions you should have answered.
When you ask yourself, "Should I transfer my pension?" there are six questions you must have the answer to.
- How can I avoid UK taxation up to 55%?
- Can I eliminate exchange rate swings that can reduce my pension by 10% at a stroke?
- 3 questions to ask to make sure my pension transfer consultant is qualified to work with my hard-earned money
- How to make sure my pension fund doesn't die with me?
- Find out how I can go to reduce my pension transfer fees by up to 50%.
- Am I are eligible for reduced annual management fees?
At The Pension Man, we understand the ins and outs of the UK pension transfer business, having over 40 years experience in the industry in both the UK and NZ. Before we begin any pensions transfer process, we will take you through a through assessment to see if a UK pension transfer is right for you.
After all, it’s better to know before you commit time and money to transferring your pension, if it is the right decision for you and your family.
Call Russ Devin on 64 9 407 7357 or Email: russ@thepensionman.com
How to avoid UK taxation of up to 55%
You are at risk of swingeing taxation by the UK Government of up to 55%!
But you can legally avoid that if you choose the right company for your pension transfer New Zealand. Using an accredited pension transfer expert can save you that huge tax bill.
So you must ensure that your pension transfer consultant uses a QROPS accredited NZ "Super" plan.
How to avoid exchange rate swings that can reduce your pension by 10% or more at a stroke.
If your private pension scheme is held in another country you are always at risk from exchange rate movements. Currency movements are constant, often inexplicable and can very extremely volatile. We've all seen the stories of currency traders making bad judgments which wipe millions off the value of a currency or a bank. The causes are entirely outside your control.
How would you feel if your pension fund was slashed by $000s due to an extreme currency change caused by faceless currency traders?
To balance the argument, you might also gain from currency fluctuations but most people would rather know that they have a known income rather then a potential gain. And let's face it, a gain would be nice but a loss would be which could put your living standard under threat, would be very unpleasant, wouldn't it.
So, to mitigate against this potential loss, many people feel more comfortable transferring their UK pension to NZ. When you make a pension plan transfer, your pension fund value is locked into NZ dollars so you no longer have to worry about the changes in the currency. You have lone less unknown to worry about.
Do you want to increase the size of your pension fund or the transfer agent's?
A significant cost for people transferring their pension is the huge fees that some agents charge. While they will disclose their fee up-front so it's not a surprise, would you prefer to be able to add some extra money into your own personal pension? Or would you rather give thousands of dollars of your money to the agent's pension fund?
The Pension Man does not spend your money on expensive advertising campaigns or inflated transfer fees for our own coffers. Instead, we focus on giving you a tremendous service so you will recommend us to your friends and colleagues. Nor do we have expensive buildings and high rents to fund out of your fees. We could have charged similar fees to other providers but instead we choose to pass on these savings to you. So you can top-up your own pension fund.
Einstein said that compounding is one of the miracles on the Universe. If you save $2,000 on your fees, imagine how much that will be worth to you in 20 or 30 years time?
Based on an annual 5% growth, over 25 years, a $2,000 saving now, would more than double to around $6,773. Now that would be a nice little holiday for you wouldn't it. Or it could be a pension transfer agent taking that holiday.
Three questions to ask to make sure your pension transfer consultant is qualified to work with your hard-earned money.
- Does your adviser know what you are giving up?
There are many different types of pensions in the UK with differing retirement ages, early retirement, death and transfer benefits. There are also penalties for transferring some. Make sure you tell your pension transfer adviser the full details about your pension. And have the documentation form your UK pension provider to hand so that you can have the best advice, suitable for your particular case. - Does your adviser have experience and knowledge of the UK pension market?
The UK pension market and products are some of the most complex financial product in the world. It's essential that when you transfer your UK pension that you use a pension specialist who knows how the UK products and tax laws operate. It could cost you dearly if you use the wrong person. - What UK qualifications does your adviser hold?
At a minimum, your UK pension transfer agent should be registered with the UK regulatory authority (Financial Services Authority, FSA) - as a pensions transfer specialist.
How to make sure your pension doesn't die with you.
In the UK you may have saved into your private pension fund for 20, 30 or more years. You will have built up a pension value of hundreds of thousands of pounds. And you can draw your pension until you die. That may be for another 20 years or more. Your surviving spouse can then draw a reduced pension until they die. And that is it. No more payments are made from your pension fund.
On the other hand, let's hope not, but just for illustration, you may only draw a pension for a short-time. Maybe just a few years. Perhaps you both pass away together. The remaining thousands of pounds in your pension fund disappears. It passes to the Trustees to use to maintain payments to other members of the pension scheme. Your money is now being paid to a complete stranger.
In other words, even though you may have contributed to a pension scheme and have a sizeable asset, it does not pass to your children. However, if you transfer your UK pension to NZ, that asset becomes part of your estate and you can pass it onto your children when you die.
Are you eligible for a reduction in your pension management fees by up to 25%?
Some NZ pension providers are willing to negotiate on the annual management fees. At The Pension Man, when we transfer your pension to NZ, we only use companies that are willing to negotiate those fees for larger clients.
As part of our service to you, when we do a UK pension transfer for you, we negotiate the fess on your behalf. Our relationship with the superfund providers in NZ, means that we can often get a reduction in fees of up to 25% which is all passed on to you for the life of your pension.
There is no charge for this service for you.