Below are 5 things you need to know before you transfer any pension or superannuation benefits from overseas to New Zealand.
If you want to transfer money from your UK pension fund back to New Zealand, you must use a New Zealand Qualifying Registered Overseas Pension Scheme (QROPS). You cannot transfer your UK pension savings into your KiwiSaver scheme.
Once your pension has been transferred, you cannot transfer it back so we strongly recommend you speak to an authorised financial adviser first. You should also consider speaking to an international tax expert.
If you’re in a defined benefit scheme, it’s rarely in your best interests to transfer your savings to New Zealand.
To learn more read:
Be aware of people contacting you out of the blue
|
If you’re a New Zealand resident, you can transfer your Australian superannuation savings into your KiwiSaver scheme. If you’re living in Australia permanently, you can also transfer your KiwiSaver savings to an Australian complying superannuation scheme.
Once you’ve transferred your Australian superannuation savings to New Zealand, you can only transfer them back to Australia if you return there permanently.
Before making a decision to transfer, get advice from an authorised financial adviser. You should also consider speaking to an international tax expert.
To learn more read IRD's fact sheet on trans-Tasman transfers.
If you are a New Zealand resident wanting to transfer pension funds from your country of origin to New Zealand, you need to check whether the laws in your country allow it.
Consider the tax and financial implications before deciding. The IRD's website provides some information on foreign superannuation taxation, but you should also get advice from an authorised financial adviser and an international tax expert.
Let us know what you think
Did you find this page useful?