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What are the benefits of a QROPS pension transfer?

Compared to a UK pension, a QROPS could offer you some or all of the following features:

  • No requirement to purchase an annuity (although you may if you wish to).

  • You are able to withdraw a lump sum of 30% from age 55 as opposed to 25% than currently available from most UK schemes.

  • If your total of transferred pension funds are less than £30,000, then all your pension funds can be released at age 60.

  • Wide investment choices – particularly useful if you want to invest in assets which reflect the currency and inflation factors where you plan to retire rather than UK biased choices.

  • If you transferred your UK pension to KiwiSaver prior to 6th April 2015. Full access to all of your funds via a KiwiSaver Plan from age 65 or 5 years from the start of a KiwiSaver plan whichever is the later. (Post 6th April 2015, KiwiSaver Plans no longer have QROPS status).

  • No potential Foreign Investment Fund tax charges.

  • There are no double taxation issues on the initial pension transfer.

  • QROPS fund valuations can be obtain on any day of the working week.

  • As the Lifetime Allowance (LTA) restrictions cease on transfer to the QROPS, there are no restrictions on the fund size you can build up. In the UK, pension funds which exceed the LTA (£1.25m) are subject to tax charges on the excess funds.

  • If you die, your family may be able to inherit your pension benefits free of UK inheritance tax.

  • No potential reduction in fund value on death.

  • You can consolidate all of your UK pensions into one QROPS Superannuation arrangement for your convenience.

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