New Zealand QROPS

QROPS - EXPERT GUIDANCE AND ADVICE ON RELEASING CAPITAL FROM YOUR UK PENSION FUND

For non UK residents who have lived outside the UK for five complete tax years or more there may be the possibility to release capital from your UK pension fund via a New Zealand QROPS. In certain circumstances this may even be possible before the age of 55 (as from 6 April 2010).

However, as each case is different it is vital to take specialised advice on QROPS from regulated and authorised experts with a background in UK pensions.

FREE NO OBLIGATION REVIEW

HOW THE PROCESS WORKS AND TIMESCALES

STAGE 1 - Contact Us today requesting your free no obligation review.

STAGE 2 - We send you via e-mail our Fact Finder and Letter of Authority

STAGE 3 - You complete, scan and e-mail back the forms.

STAGE 4 - We contact your existing pension fund provider(s) to obtain up to date valuations and relevant paperwork. For final salary and Public sector schemes this can take up to 3 months. For personal pensions and defined contribution schemes this is often much quicker.

STAGE 5 - We prepare our formal letter of recommendation making clear whether a transfer is appropriate, carefully outlining the risks and advantages, as well as detailing the costs.

STAGE 6 - You decide whether you wish to proceed with a transfer to a QROPS. If you decide not to proceed no costs are charged by us to you for our advice.

STAGE 7 - If you decide to proceed with a QROPS we send you the appropriate paperwork which we pre populate as much as possible.

STAGE 8 - These are completed and signed by you, and sent to us together with certified copies of your passport. We forward these onto New Zealand.

STAGE 9 - The New Zealand provider, with our guidance contacts your existing pension provider to instruct release of the pension funds to the New Zealand QROPS. Fees are only taken out following receipt of the funds in New Zealand.

STAGE 10 - A capital withdrawal of the funds held within the QROPS can then be made to a bank account of your choice.

On average, the whole process from start to finish takes between 2 to 4 months.

MINIMUM CASE SIZES

Although each case is different for cases less than £20,000 except in exceptional circumstances a transfer to a QROPS is not normally viable.

For larger cases above £100,000 cash release may not necessarily be the best option. It is therefore important to take advice on the advantages of a transfer to a QROPS in New Zeland against other options.

A WORD OF CAUTION

Be wary of unregulated and unauthorised advisers without the appropriate background and experience of the UK pensions market, especially those offering no formal procedure for a recommendation. Remember a one size solution does not fit all cases.

IMPORTANT WARNING - ARMED FORCES PENSION TRANSFERS

Realising capital from an Armed Forces pension fund will incur a penalty charge by HMRC of 55 percent of the total value of the fund unless the five year non residency rule is satisfied. For guidance on whether you are in fact a non UK resident please read the following article here.

For your free no obligation review please Contact Us today.

For detailed information about QROPS please see: www.qrops.es/