subject: Qrops New Zealand - Amazing Benefit Plans [print this page] Pension schemes are always a great option for everyone seeking financial security in their future, but when it comes to British nationals migrating to New Zealand to set up a permanent base, there could be nothing better than a QROPS New Zealand pension plan. Now you may ask what QROPS really is? Well, OROPS is short for Qualifying Recognized Overseas Pension Scheme. Here is a more detailed explanation on this pension scheme.
Every year around 30,000 expats from Britain set foot in New Zealand to setup a permanent home for them. All these expats, if they have already included themselves in a UK pension plan scheme, can easily transfer their funds through QROPS scheme in order to get rid of any tax payable on their pension amount. This was actually a part of the UK governments pension simplification initiatives which was launched in the year 2006. Previously people willing to retire or settle outside of the United Kingdom were subjected to a tax payment over their allotted pension. This substantial amount of tax over the fixed pension used to affect the retirement budget of the expats to a great extent. Keeping this in mind in 2006 this particular QROPS New Zealand pension scheme was introduced.
As per the rules, most of the pension plans for UK citizens can be transferred to QROPS New Zealand. These absolutely tax free pension funds are only a part of the lump sum amount of money provided to the pension-holder with all its benefits included. Well, now you may ask what the benefits of this plan are. Let us look at these briefly:
Though you will be liable to pay tax to the country you are residing in currently, your pension will be paid to you as a gross amount, which helps your cause.
You will have the flexibility to buy an annuity and that will depend on your own wish.
If you have not taken a substantial amount out of your pension fund before it was transferred through QROPS New Zealand then you will get a huge amount of money as your pension fund.
You will also be able to hold and maintain your assets without paying high taxes on it. It also provides you with a much more flexible currency transfer option which will further help you get rid of any risks related to currency transfer and also assist you a great deal if you are willing to invest in any other currency other than pound-sterling.
