Just about everyone that has lived and worked in the UK will have a UK pension scheme of some description. This includes not only the thousands of British expats currently living in New Zealand but also the many Kiwi’s that followed their rite of passage by working and living in the UK. In recent times unprecedented numbers of people are getting out of their UK final salary and defined benefit pensions – transfers out of such UK schemes went from £7.9bn in 2016 to £20.8bn in 2017 and is forecast to increase again for 2019.
Brexit and global and local economic factors present opportunities for those wanting to withdraw from their pension schemes but there are also risks and tax issues that must be considered.
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