Everything you need to know about moving to NZ

If you are receiving UK pension income in New Zealand (whether from a personal, occupational or state pension), there are a couple of points to note:

1. If you are eligible for New Zealand Superannuation, your UK state pension will be paid directly to the NZ government.
2. If you are not eligible for New Zealand Superannuation, you will receive your UK state pension directly. You need to declare this income on your tax return in New Zealand.
3. You will be taxed on your income from personal and occupational pensions, unless you are a transitional resident.
   

Currency exchange charges and exchange rate fluctuations can affect your income. Our foreign exchange partner HiFX has a good service for setting up regular pension payments from the UK to New Zealand. You’ll save money on the charges that a UK high-street bank would make every month for setting up these payments. You’ll also get a competitive exchange rate on the funds you transfer, and you can even get an exchange rate locked in for up to two years, providing you with stability of income.

It might not be too late to transfer your personal and occupational pensions – most pensions can still be transferred once they are in drawdown, but not once an annuity has been purchased.