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Positive changes ahead for UK pension transfers to New Zealand

The lack of coordination between UK and New Zealand financial regulators (HMRC and IRD) often creates confusion, delays, and mountains of paperwork for those involved in pension transfers.However, there’s some promising news on the horizon. Proposals within the Taxation (Annual Rates for 2024-25, Emergency Response, and Remedial Measures) Bill could bring two positive changes:1. Easier Tax Payments for QROPS Transfers:Currently, paying potential tax liabilities on UK pension transfer...

An end in sight for those with transferred UK pension funds trapped in their KiwiSaver.

For nearly a decade, individuals who transferred their UK pensions to KiwiSaver have found themselves in a frustrating regulatory limbo. However, a recent legislative change promises to finally offer some much-needed relief.The UK Pension Transfer ConundrumIn 2015, the UK’s HMRC imposed restrictions on KiwiSaver schemes accepting UK pension transfers. This decision stemmed from differences in retirement age and early withdrawal provisions between the two countries. As a result, many individual...

New anti-scam rules bring pension transfer delays

Under new HMRC UK regulations pension schemes are required to “carry out due diligence” for any UK pension transfer request.What this equates to is a much more rigorous questioning of a member’s reason for transferring out and greater requests for information and documentation to prove the legitimacy of the transfer request i.e., that the member is not being scammed.As part of this new process Schemes will check the transfer request against a checklist of conditions set out by the UK Pensi...

What does 2020 hold for Pensions?

Thinking of transferring your UK pension in 2020?We take a look at a number of changes taking place and things you might need to be aware of in the UK pension world in 2020....

Pension cold-calling ban takes effect

A ban on nuisance calls about pensions has now come into force but people are still being urged to be on their guard.Cold-calling has been used by fraudsters trying to steal life savings or persuade people to invest in high-risk schemes.Some 10.9 million unsolicited pension calls and messages are made a year, according to Citizens Advice.Any firm found flouting the rules faces a fine of up to £500,000, but experts suggest fraudsters may ignore the ban.John Glen, economic secretary to the Treasu...