Retirement

Stuff: Crackdown On Pension Transfers

British authorities have moved to legislate against abuses of the pensions transfer system here in New Zealand. Every year 10,000 British immigrants move to New Zealand, many bringing fat pension funds with them. Many Kiwi expats also return home, some having saved up large nest-eggs with the help of generous tax breaks from the British government. But official anger has grown in Britain as so-called pensions transfer agents here have helped people cash up their pension funds before retirement, making a mockery of the understanding between Britain and New Zealand that pensions transfers are allowed only to schemes which will ensure the money stays put until retirement.

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