Henderson International Ltd

17/03/2024

The recent UK Budget covered the usual subjects but did you realise that the rules around Domicile are set to change?

Non-dom tax regime, for UK residents whose permanent home is overseas, to be replaced with new rules from April 2025. "Non-dom" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. It refers to a person's tax status, and has nothing to do with their nationality, citizenship, or resident status - although it can be affected by these factors.

A non-dom only pays UK tax on the money they earn in the UK. They do not have to pay tax to the UK government on money made elsewhere in the world (unless they pay that money into a UK bank account).

As part of the March 2024 Budget, Mr Hunt said the non-dom tax regime will be phased out. From April 2025, people who move to the UK will not have to pay tax on money they earn overseas for the first four years. After that period, if they continue to live in the UK, they will pay the same tax as everyone else.

Those people with nom-dom status will be allowed a two-year transition period, during which they will be encouraged to bring their foreign wealth into the UK system. https://lnkd.in/gVmrdi5c

The main points of Budget 24 are here:

https://lnkd.in/gm4EiFz9

In the meantime, Henderson Consulting provides a comprehensive UK pension transfer service encompassing qualified NZ Financial Advisers, UK Financial Advisers, accountants with NZ and UK tax expertise, and Foreign Currency specialists.

https://lnkd.in/ggjGQ9hm

We are happy to help and assist as many as we can. We do have a range of experts that we can introduce you to, so feel free to get in contact to discuss your situation and see how we can help.

29/11/2023

Does ChatGBT have the answer to everything?

Here's ChatGPT’s answer on how you transfer a UK pension to New Zealand….and my take on the answers.............

Transferring a UK pension to New Zealand involves several steps, and it's important to consider the regulations and requirements of both countries. Here's a general guide, but keep in mind that pension rules can be complex and subject to change, so it's advisable to seek professional financial advice tailored to your specific situation. Correct – getting personalised advice is paramount.

Check Eligibility: Ensure that you are eligible to transfer your UK pension to New Zealand. Some pensions may have restrictions on transfers, and certain schemes may not be transferable. Correct – Schemes that are not transferrable include UK State Pension, NHS Pensions, and Teachers pensions.

Seek Professional Advice: Consult with a qualified financial advisor who specializes in international pension transfers. They can provide personalized guidance based on your financial situation and the specific requirements of the UK and New Zealand pension systems. Correct – Absolutely seek professional advice.

Understand UK Pension Types: Different types of UK pensions may have varying rules and tax implications. Common UK pension types include State Pension, Defined Benefit (Final Salary) Pension, and Defined Contribution Pension. Each type may have different transfer options. Correct – as above some pensions can not be transferred and some require a UK Financial Adviser to provide additional advice.

Consider the QROPS (Qualifying Recognised Overseas Pension Scheme): QROPS is an overseas pension scheme that meets certain requirements set by HM Revenue & Customs (HMRC) in the UK. Transferring your pension to a QROPS in New Zealand may offer tax advantages. However, it's crucial to use a QROPS that is recognized by HMRC. Correct – you can only transfer a UK pension to a QROPS scheme. We have access to a number of QROPS schemes here in NZ.

Choose a Qualified Pension Provider: Select a reputable pension provider or scheme in New Zealand that meets the QROPS criteria. Ensure that the provider is recognized by both HMRC in the UK and the New Zealand regulatory authorities. Correct – We have access to a variety of QROPS schemes here in NZ.

Complete Necessary Documentation: Work with your financial advisor and the chosen pension provider to complete all required paperwork. This may include application forms, identification documents, and any other documentation needed for the transfer. Correct – there is quite a lot of documentation to provide which can be difficult to navigate. We provide help and assistance to make sure nothing gets missed and the process is as smooth as it can be.

Tax Implications: Be aware of the tax implications in both the UK and New Zealand. Transferring a pension may have tax consequences, and it's crucial to understand these implications to make informed decisions. Correct – We have access to expert NZ and UK tax experts for advice in this area.

Currency Exchange: Consider how currency exchange rates may impact the value of your pension transfer. Fluctuations in exchange rates can affect the amount you receive in New Zealand dollars. Correct – We have access to Foreign Currency exchange specialists who can advise in this area.

Keep Records: Maintain detailed records of the transfer process, including all documentation and communication with relevant authorities. This documentation can be valuable for future reference. Correct – Keeping details of all paperwork is required.

Stay Informed: Keep yourself updated on any changes in pension regulations and tax laws in both the UK and New Zealand. Pension rules can evolve, and staying informed will help you make informed financial decisions. Correct – Keeping up to date is important but can be difficult and time-consuming but we can help with that.

Remember, this is a general guide, and individual circumstances may vary. Always seek professional advice to ensure that you make decisions aligned with your financial goals and comply with applicable regulations. Correct – It all starts with what you want to achieve!

So ChatGPT has done a good job giving an overview and correctly advises to get professional advice, but as with all things the “devil is in the detail”. This is where we can help.

Henderson Consulting provides a comprehensive UK pension transfer service encompassing qualified NZ Financial Advisers, UK Financial Advisers, accountants with NZ and UK tax expertise, and Foreign Currency specialists. Click below to find out more:

At Henderson International we specialise in UK Pension Transfers to New Zealand. Gain control over your UK Pension and get in touch today.

12/05/2022

New Zealand’s border is to fully open two months early from 11:59 pm on 31 July 2022, this includes the maritime border for cruise ships and students for our international education providers.

The immigration processes have been significantly simplified to provide faster processing for businesses:
New Green List includes over 85 hard-to-fill roles created to attract and retain high-skilled workers to fill skill shortages. The Green List will provide streamlined and prioritised pathways to residency, and incentivise high-skilled healthcare, engineers, trade, and tech sector workers to relocate to New Zealand long-term.
Visa extensions have been issued for around 20,000 migrants already in New Zealand to ensure skilled workers stay in the country.
New sector-specific agreements, to help industries transition from a reliance on low-wage, low-skilled migrant labour, including additional measures to support the rebuild of our tourism sector.
Note – the immigration changes don’t affect current or other visa holders.
The Prime Minister also signaled that pre-departure testing will be gone by 31 July, but did not confirm the plan for removing the requirement.

We work with a number of specialised Immigration firms, so please get in touch if you wish to find out more about emigrating to New Zealand

01/09/2021

You may be in lockdown but your UK pensions don't have to be!
Being in lockdown may be a good opportunity to tick off some outstanding items on your To-Do list and quite possibly one of them would be to understand what your UK pensions are worth.

We can help find out what pensions you have in the UK and then have discussions about your options. We have access to expert tax accountants who can advise on the UK and NZ tax implications of transferring or not transferring UK pensions.

We also utilize the expertise of a firm of stockbrokers who will work with you to put together an investment portfolio should you wish to transfer your UK pensions to NZ. We work with a number of schemes that are Qualifying Recognised Overseas Pension Schemes (QROPS) now known as ROPS. This is the status that Her Majesty's Revenue and Customs (HMRC) in the UK, have given sign-off to allow UK pension transfer without UK tax being applied.

At Henderson International, we can help and assist with all aspects of UK and NZ Pensions, and through our network of experts and specialists, we can help with the UK and NZ tax planning, Investing, KiwiSaver, Trusts, Retirement Planning, Immigration, Mortgages as well as in other areas including Foreign Exchange and Personal Insurance.
If you would like to find out more about how we may be able to help you please email me. Or you can visit our website for more information.

22/04/2021

How will the proposed changes to the Minimum Retirement Age for UK pensions affect when you can access your UK pension?

In 2014 the UK Government indicated its intention to link the retirement age for private pensions to the retirement for the UK State Pension. This followed an incremental increase in the UK State Pension retirement age from 65 so that by 2028 individuals need to be 67 before they qualify.

The age from which private pensions are accessed was increased from age 50 to 55 in 2010, and it is now intended that it will be increased again to 57 from 6 April 2028. Although HMRC is only consulting on this at present, it is almost certain that the rules will be changed.

Anyone born after 6 April 1973 may therefore be affected by this change, possibly delaying their ability to access their UK or ex-UK private pension funds. Advisers will therefore need to take this into account when advising on a transfer of a UK pension to a New Zealand QROPS.

The retirement age for private pensions (the Normal Minimum Pension Age or NMPA) will be preserved for those who are in a pension scheme in February 2021 that gives them a right to take pension benefits before age 57. Moving out of such schemes may result in the loss of this preserved NMPA.

Click here for the link to the NMPA Consultation document

We can help find out what pensions you have in the UK and then have discussions about your options. We have access to expert tax accountants who can advise on the UK and NZ tax implications of transferring or not transferring UK pensions.

We also utilise the expertise of a firm of stockbrokers who will work with you to put together an investment portfolio should you wish to transfer your UK pensions to NZ. We work with a number of schemes that are Qualifying Recognised Overseas Pension Schemes (QROPS) now known as ROPS. This is the status that Her Majesty's Revenue and Customs (HMRC) in the UK, have given sign-off to allow UK pension transfer without UK tax being applied.

At Henderson International, we can help and assist with all aspects of UK and NZ Pensions, and through our network of experts and specialists, we can help with UK and NZ tax planning, Investing, KiwiSaver, Trusts, Retirement Planning, Immigration, Mortgages as well as in other areas including Foreign Exchange and Personal Insurance.

If you would like to find out more about how we may be able to help you please email me. Or you can visit our website for more information.

28/09/2020

Our latest Spring Newsletter is out and will be of interest to those who are working in New Zealand for a UK employer:

With the Covid-19 pandemic sweeping the globe, we have seen nearly 50,000 Kiwis return to New Zealand since Covid-19 restrictions began, many of whom are following an ever popular and successful trend of continuing to work remotely for their overseas employer.  With the impact of Covid-19 restricti...

19/04/2020

You may want to consider adding a review of your Financial situation to your list. Pensions would be a significant part of that. Understanding your options and getting the up to date value of your pensions in the UK are areas that we can help and assist with.

So if you do have UK pensions and wanted to look into your options, please email me and we can discuss your situation in more detail. We can find out what your pensions are worth and run through your options with you. We also work with tax experts and investment advisers to make sure you have all the facts enabling you to make informed choices.

Have a look at our website for some additional information and to order our Financial and pension Guides.

Great British Pound - Over $2.07 to the 1 GBP
Keeping an eye of the GBP vs NZ$ exchange rate can be an exhausting business, so why not get the help of experts in that field. Please email me and I can put in touch with an expert from Western Union Business Solutions, who have helped a number of my client with their foreign exchange requirements.

And lastly say well, stay inside, stay safe and save lives.

21/06/2018

If you have you worked in the UK, then you are quite likely to have a UK Pension, but do you know how much it is worth?
According to Aegon's report in 2017 the average UK pension pot is worth £50,000, with the male/Female split showing a large difference with Males averaging a pension pot of £75,000 and females £25,000!

We can help you find out what pensions you have in the UK, what they are worth and then set out all the options available to you. This is a free no obligation service, as we want you to make the right decision based upon having all the relvant information. Just get in touch and we can go from there!

13/06/2018

Henderson International Ltd

We have relaunched our website:

www.hendersoninternational.co.nz

which is now loaded with a whole load of useful information on moving to and living in New Zealand!

As a result of ongoing feedback and requests for more information about moving to and living in New Zealand, we decided to expand our website. You will find that it has a whole load of practicable and useful information about moving to and living in New Zealand including:

How Pensions transfer work

Checklists for moving to New Zealand

Currency Exchange

Tax

Health

Education

Employment

Renting a house

Buying a house

Have a good look round and let us known what you think, especially if you have any comments or suggestions to make!
Please get in touch if you want to discuss your situation in more detail or if you have any questions about moving to (or back to) New Zealand and we will be happy to help and introduce to various experts who can assist such as tax accountants, foreign exchange specialists, recruitment agents, mortgage brokers and many more

09/04/2018

Ever Wondered if you have a pension in the UK?

People typically accumulate a number of pensions with a number of different providers as they change jobs. One of the advantages of transferring your pension to New Zealand is that you can consolidate all of these into one scheme. If you think you may have pension funds in the UK but no longer have the details, the UK Government Pension Service offers a pension tracing facility. They will track down occupational and personal pensions for you.
It’s a free service, and you can do it all online at:

https://www.gov.uk/find-pension-contact-details

Alternatively you can email me at
[email protected] and I can help do that for you.

www.hendersoninternational.co.nz

Tailor-made UK pension transfers, because getting your money here is only half the story!

Find the contact details for a pension provider by using the Pension Tracing Service