QROPs rules snag NZ advisers
The UK’s “pension freedom” reforms came into effect on April 6 this year, removing the need for British retirees to purchase an annuity product.
But the move has caused serious problems for New Zealand residents who are members of the British pension schemes and want to transfer their money here.
All of the country’s KiwiSaver schemes were immediately disqualified as Qualifying Recognised Overseas Pension Scheme (QROPS) providers because they allow members to access their funds before 65 in some circumstances.
The new rules also mean that before they are allowed to transfer to an international QROPS, members in defined benefit pension schemes worth more than £30,000 must obtain advice from an adviser who is authorised by the UK to provide advice to non-resident investors and who has the appropriate qualifications.
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