QROPS New Zealand
New Zealand has a vast expatriate community consisting of between 500,000 – 750,000 people and it is an important part of New Zealand’s economic prosperity.
Figures from the years 2006/2007 show that nearly 50,000 people were granted permanent residency in New Zealand with the highest percentage of people arriving from the UK.
Research which has been carried out on permanent migrants to New Zealand has Indicated that New Zealand’s environment, people, lifestyle choices and safety from crime or violence are some of the things people like most about living there.
One thing that many expats are unaware of is the possibility of transferring their UK pension into a New Zealand QROPS fund which has become possible due to the change in rules with HM Revenue & Customs on 6th April 2006 which is known as (A) day.
There are a total of 57 different QROPS providers operating from New Zealand which have been approved by HMRC to receive transfers of UK pensions. This means that there is a wide variety of options to choose from for expats retiring to New Zealand and wishing to transfer their pension into a QROPS based in New Zealand.
By passing over your pension into a New Zealand QROPS means that you will not be subject to any inheritance tax or death duties, so you can pass any remaining funds in your pension fund to your chosen beneficiaries when you die. New Zealand QROPS also allow much more flexibility to superannuation funds than most other countries and some QROPS plans enable you to take up to 40% of your pension fund as a tax free lump sum as soon as you have been outside the UK for 5 complete tax years.
For further information on QROPS transfers and for a qualified QROPS adviser to contact you, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice.
