April 5th is the UK end of the tax year, it also marked the start of Pension Freedom’s in the UK and more pension rule changes that affect those living in New Zealand with UK Pensions still in the UK.
What are some of the changes?
- New options for withdrawing your Defined Contribution Pension in the UK
- No more transfer outs of Government unfunded Pensions like Teacher’s Pensions, NHS Pensions etc
- The UK Financial Conduct Authority plans to require members of Defined Benefits Pensions to be advised by a UK “Pension Transfer Specialist”
- NZ KiwiSaver schemes can no longer receive UK Pensions due to HMRC enforcing their no pre age 55 access rules – negotiations continue
If you live in New Zealand and still have UK Pensions in the UK you need to speak to us!