Value of Advice

Why is it important to get advice?

When you are looking at transferring your UK Pension scheme to NZ you need to ensure that you are making the right decision.  You need to ensure that you are speaking to advisers who understand the UK Pension market and what your UK Pension Scheme offers you, so you also understand the benefits you are giving up if you transfer.
Some of the questions you should be asking are

• What do you know about UK Pension schemes?
• Have you worked in the UK and the UK Pension Industry?
• What UK financial qualifications do you hold?
• What experience do you have in transferring UK Pension Schemes?
• Can you explain what type of UK Pension scheme I have and the benefits it provides me?
• How much do you charge me for this service (If they say nothing – ask them how they get paid and how much they get paid?)

An adviser who understands UK Pensions will know what the following types of pension schemes are and will be able to tell you without hesitation what a SSAS is, a SIPP, a EPP, a Section 32, a COMP, a CIMP, a RAC, a Final Salary Scheme, Protected Rights, SERPS, etc

If your adviser cannot tell you what these are, how can they advise you on what to do with them and the benefits that are associated with them?

Your UK Pension is more than likely the second biggest asset you have (after your home) and you have taken a long time to save for it. These funds could amount to hundreds of thousands of pounds.  Do you really want to transfer this money unless you know you are making the right decision?

Retirement planning is something that you have been used to in the UK and making a decision to transfer your UK Pension is no different, you need to plan it and ensure that it is the right decision for you and your family, as you may be giving up benefits that could effect you and them.