Navigating the pension transfer process with NZBritannia: a guide to a smooth transition

April 10, 2024

Transferring your UK pension to New Zealand is a significant financial decision that requires careful consideration and planning. NZBritannia is dedicated to making this process as seamless as possible, ensuring that your hard-earned savings are transferred efficiently and securely.

Understanding the need for a pension transfer

Many expatriates and returning Kiwis consider transferring their UK pensions to New Zealand for various reasons, including:

  • Consolidation of funds: Bringing your pension savings together in one jurisdiction simplifies management and monitoring.
  • Tax benefits: If you transfer to a Registered Overseas Pension Scheme you generally won’t have to pay New Zealand tax on your lump sum (as long as you transfer within four years of becoming a New Zealand tax resident). Benefits received are tax free in New Zealand.
  • Currency risk management: Transferring your pension to NZD reduces your exposure to GBP currency fluctuations.
  • Estate planning: NZ pension schemes may offer more flexibility in estate planning compared to UK schemes. Upon death, your pension account balance will be paid to your estate. Unlike in the UK, death duties do not apply to pension funds in New Zealand.

The NZBritannia pension transfer process

NZBritannia's process is designed to be transparent and straightforward, with expert advisers guiding you every step of the way:

  • Initial assessment: Start with a no-obligation assessment to understand your transfer options and potential benefits. This can be done online or by calling 0800 500 811.
  • Personalised advice: A NZBritannia financial adviser will discuss your situation, explaining the pros and cons of UK and NZ pensions relevant to your circumstances.
  • Transfer initiation: Once you decide to proceed, you'll complete the necessary forms to request a pension transfer value and enroll in the Britannia Retirement Scheme.
  • Managing the transfer: NZBritannia will manage the transfer process, liaising with UK scheme administrators and keeping you updated on the progress.
  • Investment in the Britannia Retirement Scheme: Upon completion, your pension willbe invested in the Britannia Retirement Scheme, with options tailored to your financial goals and risk appetite.

Why trust NZBritannia for your pension transfer?

  • Experience: over twenty years of experience in pension transfers, NZBritannia has a proven track record of success.
  • Expertise: NZBritannia advisers are well-versed in the complexities of pension transfers and can provide clear, honest advice.
  • Comprehensive services Beyond pension transfers, NZBritannia offers advice on retirement planning, insurance, investments, and more, ensuring all your financialplanning needs are met.

Taking the next step

If you're considering a pension transfer, NZBritannia's free assessment and expert guidance can help you make an informed decision. Contact us today to start your pension transfer journey and secure your financial future in retirement.

For a more detailed understanding of the pension transfer process and to explore your options, download NZBritannia's free eBook “The simple guide to successful UK pension transfers” or consider booking a free no-obligation assessment to discuss your specific needs.