The Changes

Amongst the key points to the proposed QROPS legislation changes is the requirement for New Zealand schemes, looking to receive UK pension transfers, to ensure that their scheme will provide at least 70% ‘income for life’ from the UK transferred fund.

In addition, the current trustee ‘reporting period’ to HMRC for benefits paid from all QROPS, will be extended from 5 years of non-UK residency to 10 years after the member transfers out of a UK registered pension scheme.
It is these major changes to the QROPS rules that will mean UK pension members, who have been outside of the UK for more than 5 complete UK tax years, will no longer have the option to transfer their UK pensions (after 6th April 2012) to a New Zealand QROPS and receive 100% of their funds, as a lump sum, immediately.
Opportunities pre 5th April 2012

• If you have already been outside of the UK, for more than 5 complete UK tax years, AND
• Wish to receive greater than 25% of your UK pension as a lump sum, please contact Global QROPS immediately.

There is a limited time period between now and 5th April 2012 to transfer UK pension benefits to New Zealand and receive these benefits as a lump sum.

Please call +44 (0) 1372 724249 of email info@globalqrops.com for more information.

Last Opportunity for New Zealand QROPS is a post from: Global Qrops

This is being held in Guildford, Surrey on Saturday 20th August 2011 and we would like to offer you the opportunity to attend. Global QROPS will be providing specialised insights on transferring pensions to New Zealand – as well as other financial aspects that need to be considered when migrating to New Zealand.

As well as pension transfers to New Zealand, you will also have a chance to obtain valuable information on New Zealand visas, job opportunities in New Zealand, removals, pet shipping, banking and foreign currency exchange.

This seminar is ideal for people in the construction industry, such as Quantity Surveyors, Civil Engineers, Construction Project Managers, Architectural Builders, Estimators, Building Inspectors, General Builders – residential and commercial, Carpenters, Joiners, Draughtsmen, Quantity Surveyors, Plumbers, Gasfitters, Roofers, Bricklayers, Electricians and Welders – all of whom are looking for a fresh start in New Zealand.

The seminar is also ideal for people that work in the IT sector, such as DBA – SQL, Intermediate to Senior Level, Developers – Java and .Net, Datawarehouse and BI Consultants, Sharepoint Developers/Administrators, Experienced Test Analysts and Performance Test Engineers, Mid Level Business Analysts and Lead Business Analysts., MiddleWare and Websphere Consultants, Expert level VMware Consultants and Mobile App Developers – Intermediate and up.

If you would like to book a place at this event, please contact Global QROPS at our email address, which is: info@globalqrops.com or telephone our office on 01372 724249.

Spaces will be limited, therefore, if you are interested please contact Global QROPS at the earliest possible opportunity.

Live and Work New Zealand Migration Seminar – Featuring Global QROPS is a post from: Global Qrops

On Saturday 14th August 2010, in Guildford in Surrey, Global QROPS Ltd will be talking about the financial matters (such as tax exemptions selling or retaining UK property, life assurance, tax, savings and investments and, of course, pension transfers to New Zealand) to help make your migration to New Zealand as tax efficient and financially successful as possible.

As well as Global QROPS Ltd, other key speakers include a New Zealand banking expert, a currency exchange broker, an international removals expert and a couple of recruitment agencies. This seminar will be headlined by a prominent New Zealand migration agent who can tell you how to obtain the visa you require to make your move to New Zealand happen.

This seminar is ideal for teachers, people in the medical profession, IT professionals, chefs, social workers, electricians, electronic engineers, urban planners and auditors who are looking for a fresh start in New Zealand.

This seminar represents a tremendous opportunity for anyone serious about migrating to New Zealand to commence planning their move.

There is a limit for the number of spaces at this event, therefore please send your details and your Curriculum Vitae to info@migrationassociates.co.uk in order to assess your eligibility to migrate.

Please feel free to contact us for more information. Global QROPS Ltd look forward to seeing you there.

Global QROPS Ltd at the Summer New Zealand Migration Seminar is a post from: Global Qrops

For those UK migrants living in Australia many of them would have UK pension benefits held in the UK. Should a UK expat pension member in Australia transfer their UK pensions to Australia?

Whether a UK pension transfer to Australia is a good idea or not is a big issue, not just for a UK expat pension member but also for a returning Australian that has returned to Australia after a period of work in the UK.

The benefits from a UK pension scheme can vary. This is because historically the UK has a variety of pensions that provide different benefits. For example, a final salary (defined benefit) scheme is not a common type of scheme throughout the world. The benefits from this type of scheme depend on the years of service an individual has from their employer, their final remuneration and the scheme accrual rate. This is unlike an Australian scheme where benefits depend on the fund size at retirement – where there are no guarantees.

If you are a UK expat pension member of a final salary scheme how can you compare two totally different types of benefits, in two different countries, in order to decide whether a pension transfer to Australia would be advantageous or not?

The advisers at UK based IFAs Global QROPS Ltd have many years of experience advising on pension transfers to Australia from the UK and can make firm recommendations to UK expat pension members in Australia deliberating on what to do with their UK pensions.

UK Expat Pension Members in Australia is a post from: Global Qrops

For all members of UK pension schemes, the QROPS (Qualifying Recognized Overseas Pension Scheme) transfer option is available.

If you transfer your UK personal or employer pension to a New Zealand QROPS, and you are a resident of New Zealand at retirement, those benefits would be paid to you tax free.

What happens, however, if you are resident of New Zealand and decide not to exercise the QROPS option and take your retirement benefits directly from a UK scheme?

If you are not entitled to the ‘new or returning resident’s tax exemption’ in New Zealand, (or the exemption period has expired) any payments made from a UK scheme would be taxed at a New Zealand resident’s highest marginal rate.

The basic tax rates in New Zealand (for tax year 2009/10) are banded as follows:

0 – NZ$14,000 @ 12.5%
NZ$14,001 – NZ$48,000 @ 21%
NZ$48,001 – NZ$70,000 @ 33%
NZ$70,000 and over @ 38%

If you are considering a move to New Zealand and you are thinking about taking retirement benefits directly from your UK scheme, you should speak to Global QROPS Ltd first. If you take your benefits in the form of an annuity or final salary pension, you can not transfer your benefits to a New Zealand QROPS and you would have lost the option to receive your pension benefits tax free.

UK Pension Transfers to New Zealand QROPS – Tax rates is a post from: Global Qrops

As well seeking assistance regarding income levels, tax advantages and possible death benefits available from a New Zealand QROPS scheme, UK pension members – and in particular those UK pension members that have plenty of time to go before retirement – enquire as to whether they can vary their investments to greater degree than they could in a UK scheme.

Broadly speaking, New Zealand superannuation schemes (approved as QROPS) have similar investment capabilities as UK pension schemes – although growth and income within the QROPS are subject to tax – for example, unitised funds and investment managers.

Many UK expat pension members in New Zealand, however, also want to know if they can affect a pension transfer to New Zealand and use those funds to invest in more diverse investments.

Since the launch of the QROPS rules in the UK, on 6th April 2006, the question of permitted investments has come up. For example, the most common discussion point is residential property – as this is not permitted as an investment in UK Self Invested Personal Pensions (SIPPs) or UK Small Self Administered Schemes (SSASs).

Residential property, in the HMRC manuals, falls under the category of ‘Taxable Property’. In other words, a QROPS administrator would have to report an investment of a residential property to HMRC. Furthermore, unlike pension and lump sum payments to QROPS members where there is a 5 year reporting period, there is no time limit on reporting for residential property as an investment. UK pension members should not fall into the trap of thinking that transferring pensions to a New Zealand (or any other) QROPS allows you to invest in anything because there are UK tax charges if you chose to invest in something such as residential property.

A Pension Transfer to New Zealand QROPS – Investment Restrictions is a post from: Global Qrops

Will the GMP in my Final Salary Scheme Transfer to my New Zealand QROPS? is a post from: Global Qrops

The first question is the timing of the transfer. Is there a rush to move the UK pension funds to a New Zealand QROPS? The answer to this question lies, not just in the costs of the New Zealand QROPS (compared to a UK pension), but also with the tax and exchange rate considerations of the two countries.

As previously mentioned, the major appeal with New Zealand QROPS is the access to tax free benefits, however, the funds building up within a New Zealand scheme – prior to drawing benefits – would build up subject to New Zealand tax.

With regards to the question of the exchange rate, is there an urgency to transfer straight away. Is there some flexibility in your retirement planning that lets you wait for a favourable exchange rate? Ideally, you should look at ways of locking in at a decent exchange rate before you transfer.

Global QROPS Ltd can advise you before your migration to clarify what you should do with your UK pension benefits and whether a QROPS is the right option.

UK Pension Transfers to a New Zealand QROPS – The Tax Considerations is a post from: Global Qrops

Throughout New Zealand, there are many superannuation schemes that have been registered and approved by the UK’s Her Majesty’s Revenue and Customs (HMRC) as QROPS.

Each New Zealand QROPS would fall under the same tax legislation in New Zealand and also the same UK QROPS rules within the 5 year reporting period. However, each scheme would have their own sets of charges and costs.

Therefore, when you transfer a UK pension to New Zealand, how do you decide what to do and which QROPS to use?

The key strategy would be to get suitable advice for your UK pension before you leave the UK – preferably from a specialist in UK pension transfers to New Zealand. Once you have spoken to a specialist adviser, regarding your retirement plans and goals, it would become clearer as to which is the most suitable QROPS.

Although you are migrating to New Zealand, you may wish to look at QROPS in other jurisdictions as well. Remember, HMRC allows UK pension transfers to QROPS in countries other than the one you are migrating too. Should you settle for a QROPS in New Zealand, however, then the entry charges, annual management costs and exit penalties of each scheme should all be considered.

UK Pension Transfers to a New Zealand QROPS is a post from: Global Qrops

In the long term the cost of not considering your options with your UK pension could be higher than taking the advice. Many people know someone who has already migrated and their advice from them may be ‘wait until you get there’ or  ‘I didn’t need advice, I just got my employer to transfer my UK pension to Australia (or New Zealand)’. However, this in itself is advice and not necessarily well conceived advice. You would have to ask yourself, did your friend do the right thing in the first place? Did they migrate on the same visa as you (as this affects your tax status)? Are the pension fund sizes identical – as yours could be affected by the Australian cap whereas your friend’s fund was not affected? What exchange rate did the funds transfer over on? Does your Australian employer have a scheme capable of taking UK pension transfers in? ie is it a QROPS?

Sweeping aside the issue of UK pension advice before you migrate to Australia or New Zealand could prove expensive if you are not fully aware of the tax or exchange rate issues.

Why do I need Advice on a UK Pension Transfer to Australia or New Zealand? is a post from: Global Qrops