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What information do I need to provide?

All we need are a few easily gathered personal details. Your National Insurance number, the name of your UK pension scheme(s), your last UK address, the date you left the UK, and your IRD number.

How do I find out what pensions I have?

Find out by taking a quick look at this link, https://www.gov.uk/find-pension-contact-details.

 

Alternatively, your former employer should be able to tell you.

What happens if I can’t find my National Insurance number?

You can access a form on the HMRC website via this link, https://www.gov.uk/lost-national-insurance-number. You will need to fill out the form and send it to them. It usually takes around six weeks to sort.

How much will it cost me to transfer?

This will depend on a of range factors, including what services you use. We’re more than happy to chat and let you know the different costs involved.

 

Send us an email at super@garrisonbridge.co.nz or call us on 0800 254 338

What happens when I transfer my pension?

Your money will be invested in the Garrison Bridge Superannuation Scheme and you can continue planning your retirement with Garrison Bridge.

What is the Garrison Bridge Superannuation Scheme?

The Garrison Bridge Superannuation Scheme is a registeted superannuation scheme designed to help investors save for retirement. The scheme has eight investment options (both active and passive) and can receive money transferred from UK pension funds.

Where, and how, do you invest my money?

The Garrison Bridge Superannuation Scheme has eight investment options, both active and passive investment funds.   The risks, benefits and investment strategy differ for each. Details for each fund are summarised on page 3 of the Product Disclosure Statement. Alternatively, give us a call and we’ll help find out what’s right for you.

What does the pension transfer process look like?

Once you have made the decision to transfer your pension, it is completed in three steps. 1. Sign the transfer documents from your UK pension scheme.  2. Give the forms to Garrison Bridge; we will liaise with your Adviser and the UK scheme. 3. The funds are received and invested

How long will it take?

The time varies and depends on several factors including the type of pension that you have, the efficiency of your UK provider and the speed in which all the paperwork can be gathered. Most transfers can be completed in a few weeks however the more difficult UK providers can hold things up and it could extend to a few months. We are unable to guarantee times as each UK provider has different processes and requirements.

What are the risks?

There are always risks and benefits to consider, and it’s important you understand them before making a decision. We’ve compiled a list of the risks and benefits to help you decide if a pension transfer is right for you, take a look at it here. Section 4 of the Product Disclosure Statement for the Garrison Bridge Superannuation Scheme also breaks down the risks of investing, and you can visit the Disclose Register for more detailed information about the scheme. Of course, our financial advisers are also happy to talk you through these in more detail.

What exchange rate will I get?

We use the bank currency conversion rate that applies on the day your transfer is processed.

Do I need to pay tax?

Possibly, but generally speaking if you’ve been in New Zealand for less than four years you won’t need to. We recommend seeking tax advice from a suitable tax specialist to confirm your own situation.

Can I pay tax out of my fund?

Not unless you’re at least 55, although the IRD currently has this under review. Call us for more details.

Do I need to pay inheritance tax?

In most cases you won’t have to pay inheritance tax while your funds are invested in Garrison Bridge. (Refer to the UK Finance Act 2008 and the Inheritance Tax Act 1984).

Can I transfer my KiwiSaver to Garrison Bridge?

Unfortunately not, as the Garrison Bridge Superannuation Scheme is not a KiwiSaver scheme.

Can I access my money now?

In most cases you can’t access your money until you’re at least 55. However, withdrawals before then are permitted in some limited special circumstances, such as if you suffer from a terminal illness.

Can I leave my money in the UK?

You can. While there are always good reasons to bring your pension over, in some cases it may be better to leave it in the UK. We can look into this for you and advise on options.

What happens if I die?

If you die while invested in the scheme the full value of your investment will be paid to your estate.

What happens if I move back to the UK, or go elsewhere?

You can request to transfer your investment to another qualifying superannuation scheme in the future if the transfer is permitted by the scheme’s Governing Document. This includes transfers back to UK pension schemes.

What are my options at retirement?

There are a range of options to suit different circumstances. You can start receiving regular payments, receive a lump sum, a combination of both, or continue investing. Talk to us about what’s best for you.

Can I switch between investments within the scheme?

Yes, you can make switch between funds within the Garrison Bridge scheme. There are no limits on the number of switches and importantly, we do not charge switching fees.

Can I hold more than one fund?

Yes, you can pick and choose between any of the eight funds offered by Garrison Bridge to create a portfolio that suits your investment style.

I want to contribute regularly to my fund, is that ok?

You can transfer other savings to your plan or add lump sums, or make regular weekly or monthly savings into your retirement plan.

I’ve been told that I need a special report as my scheme is a defined benefit scheme. Is that true?

A Defined Benefit Scheme, sometimes referred to as a Final Salary Pension, has valuable benefits that need specific advice from a UK Licenced Adviser. The report will discuss the advantages and disadvantages of making a transfer and make a recommendation based on the facts. It is a UK requirement to obtain such a report for schemes with guaranteed values over £30,000.

My scheme is a Defined Contribution Scheme. Do I need a Pension Transfer report?

Defined Contribution schemes, sometime call Money Purchase plans, do not usually need a Pension Transfer Analysis report, unless the scheme contains special guarantees. If in doubt, check with us first.

I’m a Transitional Resident, which investments are Zero rates PIEs?

The non-NZD denominated funds are zero rated PIEs. If you are a non-resident or a Transitional resident, you may be eligible to apply a zero tax rate on these funds. Transitional residents should notify us once the four year exemption is about to expire and elect a new PIR for your plan.

I’m a Transitional Resident, what happens if I invest in the NZD investment funds?

You will need to check your PIR tax rate is correct. This could be 10.5%, 17.5% or 28%. The NZD funds do not qualify for the zero rate tax exemption.