Steps to Follow for Transferring UK Pension to New Zealand
Many British Expats find New Zealand to be the ideal destination for retirement. NZ’s sprawling nature offers the best opportunities to explore and experience the great outdoors, which appeals greatly to expats wanting balance between city and country life. Moving abroad to retire, however, isn’t as simple as picking up your stuff and going. You also need to think about how to transfer pension to New Zealand and manage your finances from then on. When deciding to move abroad for retirement, it is vital to reevaluate and put in order your financial position.
Reassessing your finances is a good first step to transfer pension to New Zealand. In doing so, it is important to have your plans in order within the lawful boundaries of your destination. This is why it is vitalto seek the aid of professionals who offer expertise in the kind of transfer that you wish to embark on. When putting your finances in line, it is important to consider all your current investments as well as pension plans and policies so you can effectively consolidate and transfer them in the most tax-efficient manner. Transferring your UK pension to NZ is beneficial because you get to enjoy tax advantages and at the same time gain better control of your investments. A pension transfer will also open you up to a wider range of investment opportunities and options, while gaining full access to your pension fund. It will also give you greater control over your succession plan and help you combine multiple funding sources into a single, easier to administer the plan.
The only step you need to worry about when making a move to transfer a pension to New Zealand is finding the right adviser to help you through the entire process of choosing the right transfer method and preparing all you need to facilitate the transfer.