Considering moving your Aviva pension to KiwiSaver in New Zealand? Explore the options, eligibility criteria, and expert advice in this informative article to make an informed decision about your pension fund transfer.
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“Hi everyone, Advice would be greatly appreciated.
I currently have a pension with Aviva (automatically signed up with when I joined my last company in the UK) I have since moved abroad, no money is going in and in short is just sat there and is very little money. Is it worth me moving this money? I am not contributing regularly and not sure it would make much difference anywhere else? Unless I remove altogether and to somewhere I am actively investing in.”
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Based on your query, you are wondering if it is worth moving your pension from Aviva to KiwiSaver since you are currently residing in New Zealand and not contributing regularly.
Firstly, it is important to note that if you are receiving a UK pension, you may still be able to receive payments while living overseas. However, if you are considering moving your pension abroad, you can leave your pot in the UK and arrange for the money to be transferred to your overseas bank account.
Bringing your pension here in New Zealand could also have tax implications that make the move less profitable still. A tax expert would be advisable here.
Regarding KiwiSaver, if you are a New Zealand citizen or entitled to live in New Zealand indefinitely and live or normally live in New Zealand, you can join KiwiSaver. However, if you have a temporary, visitor, work or student visa, you cannot join KiwiSaver. If you are not residing in New Zealand, the government will not match any contributions you make while abroad.
Based on the information provided, it seems like moving your pension to KiwiSaver may not be the best option for you since you are not contributing regularly and unsure if it would make much difference anywhere else. However, it is important to consider other options such as actively investing in a different plan that aligns with your financial goals. Consider consulting a financial advisor who can offer more specific advice tailored towards your financial goals.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
