Comparison of NZ vs. UK Pensions

All pensions schemes differ from country to country. Here is a brief comparison between the UK and New Zealand. Call Britannia FREE on 0800 857 367 for comparisons with other countries.

UK Pension

You have very little control over what you do with your UK pension - state or private.
Although you can receive a lump sum when you reach pensionable age, it is limited to 25% of the value of your investment. Also your pension "dies with you" - that is, the pension is structured so that payments end when you and your spouse have died. Nothing is left to pass on to your heirs.
Bank transfer charges apply to each payment sent to New Zealand. Exchange rates can also affect the value of your payments.
You may have to pay tax twice as your funds grow: once in the UK, and again in New Zealand. Your final pension is also taxed at the UK end.

New Zealand Pension

At age 65 you will receive a state pension if you have lived in New Zealand for a total of 10 years since you turned 20 and a total of 5 years since you turned 50.
You may purchase a pension or arrange a draw down facility with your maturing private pension funds at retirement time, which will be in addition to your NZ state pension entitlement.
Your pension doesn't have to die with you. You can set up a pension that will benefit your heirs when you die.
Income tax is paid on your pension gains, but the end benefit is tax free.
Funds transferred from the UK will be subject to UK regulations prevailing at the time the pension is paid.
Any payments which are deemed "unauthorised payments" will be subject to UK tax and penalties".