Ex pat and UK pensions.

[caziques]

It would appear I have about 100,000 pounds in three personal pensions in the UK (and I'm 59).

However, these pensions are fairly old - and it looks like I have two main options.

Transfer them to NZ, and face something like an 18% tax bill, or transfer them a SIPP in the UK (total cost about 5.5%).

The smallest one looks like it has a guaranteed annuity rate (9.7% at 60) (15,000 pounds).

Left in a UK fund, the growth would be taxed a lot less than in the UK.

25,000 pounds would be handy to clear the last debts - but interest rates here are 5.5%, and I get tax relief on all that (effective rate is 3.7% I believe).

Then there is the exchange rate to consider.

House downsizing, subdividing present property, carbon credits and money from a forestry block should sort me out with something like a million in say six or seven years.

Ideas and comments welcome.

[TVRnutcase]

Tax relief applies for first four years - and only on overseas investment earnings not repatriated to NZ (If I recall correctly).

The other issue is overseas Pensions and the FIF regime. 18% may not be to bad - BUT compared to a 9.7% annuity - which will be taxed in NZ on the payment of that.

If you haven't already - you need specialist advise on this - and most NZ accountants are not up in this area - simply because they do not need to deal with it