[Cardy]

Hello again
Has anybody been able to cash there UK pension to use in NZ yet? I read some threads a while ago when somebody mentioned trying. I know i,ve got to do something before april 6th or tony blair will keep it till i retire but i havent heard back from Westpac bank yet who are supposed to be helping me. I,m just thinking if it is possible to cash it i can use it to invest in property. If it cant be cashed i still want to transfer it to NZ Before Gordon Brown beats me to it.
Cheers Paul :D ;)

[Moorf]

You'd better hurry - we're in the process. Our bank (National) is doing it all (for free) but they can't dictate timings - that's the UK pension co.'s doing - and so we're in a race against time to get our ££ over here before early April. National said it could all take a few days or it could take months, depends on the UK end.

Smiler had a good thread going about this subject: http://www.emigratenz.org/forum/showthread.php?t=5260&page=2&pp=10

[Avalon]

Your main options are to do it through the bank, which is often free, or through a specialist company such as Brittania. We cant do it through the bank as they lock in the money - and we want to cash them in. So do make sure you can get the money if you want to.

Also, even though we are in the process, following the other thread - I actually have chased our UK pension companies. They are saying that as long as you start the process by 6th April - the new rules wont apply.

BUT do please check this out, as what im really hearing is that the UK pension companies dont really seem to know themselves what is going to happen, and obviously im really as much in the dark as anyone.

The good news is that the process really isnt that hard - lots of form filling but what isnt these days? Our only delay was that I didnt have evidence at the time that im self emplyed (you do need to prove that you are employed or self employed in NZ before you can transfer a pension).

[Moorf]

It's worth pointing out that no-one should rush to transfer their pensions - we are taking advice, all of which is pointing us to keep ours in the UK. Transferring them isn't necessarily the best way to go, so make sure you take professional advice from someone who won't benefit from you transferring/cashing in your pension.

There are pro's and con's and complexities dependent on the type of pension you have etc etc plus tax considerations/where you'll be when you're 65.

Further reading: http://www.stuff.co.nz/stuff/0,2106,3369710a13,00.html

[Paul & Rach]

I'm going to have to get some help on this. When someone mentions Pensions this fog decends and all I hear is Blah Blah Blah.

thanks for the info...... very thought provoking. :confused:

[Avalon]

The last of our pensions has been transferred :D :D :D

We should get the money in our sweaty little hands by Mid April.

Thast gonna be a good day :D

Agree with Moorf - I know theres a deadline looming - but get some advise. For us there was no question that transfering 3 out 4 of our pensions was worthwhile - the 4 we were meuch better off keeping as there are other benefits attached to it.

The ones we have shifted are worth less money - and wont give us a decent pension anyway.