Information On QROPS New Zealand

Information On QROPS New Zealand

Information On QROPS New Zealand

Every year about 30,000 UK expats settle in New Zealand. Most of these expats opt to transfer their pension fund into QROPS New Zealand. In New Zealand, the benefits coming from these funds are not taxed at all, but the pension fund growth is taxed. However, the transfer of funds from UK pension to New Zealand is generally exempt from tax, along with the benefits that come along with it.

This implies that transfers of QROPS New Zealand are tax-free and no tax is to be paid on the money paid out. However, there are certain circumstances where tax exemption may vary in the pension transfer from UK to New Zealand. This means that it is extremely important to get prompt advice, as the tax rules between New Zealand and UK is subject to change within short notice and this can affect the investment decisions drastically while switching over to New Zealand QROPS.

Any British expat can transfer their UK pension schemes into QROPS New Zealand, barring the state pensions or other funds where the annuity is bought by the investor. You can rest assured with the safety of this investment because the New Zealand QROPS schemes fall under the supervision of HM Revenue and Customs rules. It has also been confirmed by actuary of the New Zealand government that the HMRC has accepted that the kiwi saver scheme and the superannuation scheme meet all the compliance of QROPS. Also, as an additional bonus, some of the New Zealand QROPS schemes pay out an amount more than 25% of the tax-free lump sum. But, this is only done when certain criterion is reached and the process takes place under strict rules.

Like most of the QROPS schemes available in other countries, there are a lot of rules and formalities to be met while making a QROPS New Zealand transfer, so it becomes extremely important to seek competent and expert advice from a qualified and regulated financial firm that has plenty of experience in dealing with QROPS transfers.

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