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Transferring your UK pension to NZ is a significant decision and not one that should be taken lightly. It is important that you are aware of the risks and benefits of transferring your pension and your transfer provider should be able to provide all the information you need to make this decision.
When it comes to transfer providers, not all are equal. There are several things you should look out for when choosing your provider.
Firstly, a transfer provider should be transparent about their operations. They should make you aware of all fees that will be involved with transferring your funds. As well as ensuring that your money is managed responsibly by screening investments to avoid industries such as unsustainable palm oil production, gambling and tobacco.
Secondly, a transfer provider should offer a range of investment options, preferably in both New Zealand dollars and British Pounds so that you can maintain your funds in Pounds until you decide to convert them.
Thirdly, a transfer provider should prioritise you first and foremost. They should have a good understanding of the fundamentals of your pension scheme and advise you on whether it is in your best interest to transfer now or at a later date. Some pensions may lose some benefits by transferring so your transfer provider should inform you of the risks and benefits involved with your particular pension scheme.
To help you find the right transfer provider for you, talk to our expert team today. At Hallam Jones, we have no entry fees, no termination fees, no withdrawal fees, no switch fees and no transfer fees. Get in touch today about a FREE review of your QROPS funds.