Latest news with #OverseasExperience
Scoop
12-06-2025
- Business
- Scoop
1 Apr 2026 Legislative Changes Create Major Tax Savings Opportunity For Thousands Of Kiwis & Expat Brits W/ UK Pensions
Press Release – QROPS New Zealand New Zealand is home to over 200,000 British-born residents, and in the past 20 years over 200,000 Kiwis having lived and worked in the UK during their Overseas Experience (OE) with many accumulating private UK pension entitlements along the way. WELLINGTON, NZ – 12 June 2025 – Groundbreaking changes to New Zealand's tax law, coming into effect on 1 April 2026, will create unprecedented opportunity for thousands of Kiwis and British expats with UK pensions to save on tax and transfer sooner. The new rules – announced by Inland Revenue and welcomed by industry experts – introduce a flat 28% tax rate and a 'scheme pays' mechanism, allowing tax to be paid directly from transferred pension funds, a move set to reshape the pension transfer landscape for those under 55 years old, and those on high incomes. Key Points of the Reform: • Flat 28% Tax Rate: From 1 April 2026, individuals transferring their UK pension to a New Zealand Recognised Overseas Pension Scheme (ROPS/QROPS) will be able to pay tax at a flat 28% rate, rather than their marginal income tax rate, which can be as high as 39%. • 'Scheme Pays' Mechanism: The new system allows the tax due on the transfer to be paid directly from the transferred pension funds by the NZ receiving scheme • Unlocking Access for the Under-55s: This reform is especially significant for those under 55, who previously faced having to pay any tax on a UK pension transfer from their pocket rather than from the transfer itself. A Game-Changer for the British and Kiwi Community New Zealand is home to over 200,000 British-born residents, and in the past 20 years over 200,000 Kiwis having lived and worked in the UK during their Overseas Experience (OE) with many accumulating private UK pension entitlements along the way. For both groups, the new legislation opens the door to potentially transferring sooner than they might have, saving tax on the transfer, and avoiding a compounding tax bill. Simon Swallow, UK pensions expert and Director at Charter Square ( says, 'These changes will remove a major barrier for Kiwis and British expats who want to bring their UK pensions home. The flat 28% tax rate and scheme pays mechanism means people can finally transfer their pensions without facing a crippling tax bill or the administrative nightmare of paying tax out-of-pocket. For many, there will be surprisingly less tax to pay than they imagined.' Why Act Now? • Compare Your Options: Those considering a transfer should weigh the benefits of moving now versus waiting for the new rules. For some, acting before the changes may still be advantageous, especially if they are within the four-year tax-free window or are low – income earners. • Professional Guidance Essential: The rules are complex, and every individual's circumstances are different. Seeking expert advice is critical to making the most tax-efficient decision.
Scoop
12-06-2025
- Business
- Scoop
1 Apr 2026 Legislative Changes Create Major Tax Savings Opportunity For Thousands Of Kiwis & Expat Brits W/ UK Pensions
Press Release – QROPS New Zealand New Zealand is home to over 200,000 British-born residents, and in the past 20 years over 200,000 Kiwis having lived and worked in the UK during their Overseas Experience (OE) with many accumulating private UK pension entitlements along the way. WELLINGTON, NZ – 12 June 2025 – Groundbreaking changes to New Zealand's tax law, coming into effect on 1 April 2026, will create unprecedented opportunity for thousands of Kiwis and British expats with UK pensions to save on tax and transfer sooner. The new rules – announced by Inland Revenue and welcomed by industry experts – introduce a flat 28% tax rate and a 'scheme pays' mechanism, allowing tax to be paid directly from transferred pension funds, a move set to reshape the pension transfer landscape for those under 55 years old, and those on high incomes. Key Points of the Reform: • Flat 28% Tax Rate: From 1 April 2026, individuals transferring their UK pension to a New Zealand Recognised Overseas Pension Scheme (ROPS/QROPS) will be able to pay tax at a flat 28% rate, rather than their marginal income tax rate, which can be as high as 39%. • 'Scheme Pays' Mechanism: The new system allows the tax due on the transfer to be paid directly from the transferred pension funds by the NZ receiving scheme • Unlocking Access for the Under-55s: This reform is especially significant for those under 55, who previously faced having to pay any tax on a UK pension transfer from their pocket rather than from the transfer itself. A Game-Changer for the British and Kiwi Community New Zealand is home to over 200,000 British-born residents, and in the past 20 years over 200,000 Kiwis having lived and worked in the UK during their Overseas Experience (OE) with many accumulating private UK pension entitlements along the way. For both groups, the new legislation opens the door to potentially transferring sooner than they might have, saving tax on the transfer, and avoiding a compounding tax bill. Simon Swallow, UK pensions expert and Director at Charter Square ( says, 'These changes will remove a major barrier for Kiwis and British expats who want to bring their UK pensions home. The flat 28% tax rate and scheme pays mechanism means people can finally transfer their pensions without facing a crippling tax bill or the administrative nightmare of paying tax out-of-pocket. For many, there will be surprisingly less tax to pay than they imagined.' Why Act Now? • Compare Your Options: Those considering a transfer should weigh the benefits of moving now versus waiting for the new rules. For some, acting before the changes may still be advantageous, especially if they are within the four-year tax-free window or are low – income earners. • Professional Guidance Essential: The rules are complex, and every individual's circumstances are different. Seeking expert advice is critical to making the most tax-efficient decision.
The Spinoff
30-05-2025
- Entertainment
- The Spinoff
The Friday Poem: ‘Haere Rā, Department Store' by Nicola Andrews
A new poem by Nicola Andrews (Ngāti Paoa, Pākehā), from their debut poetry collection Overseas Experience, published by Āporo Press in early June. Haere Rā, Department Store It is an institution. Just about as old as a treaty, and around the corner from that stationers, that isn't there anymore. Consider it, on opening day: Registers cracking open like laughter, dutiful recording of new accounts, brass warming, herringbone settling. How will you use our reo? Our reo will be used as an introduction to the latest textures of luxury: washcloths, women's hats in blackened straw, gowns of suppression and coverings for sleep, worsted socks, men's suits in a deep blue weave, stiffened shirts to be broken in with hard work, yards of staunch calico in overcast grey, and always with the blankets, as if our moni could buy your refinement, as if we couldn't keep our people warm. How will we tend our reo? Our reo will be cared for like a final blazing fingernail summoning us up the maunga: from Mā is White and Kia Ora Shortland Street, to searing letters to the editor, transcribed in triplicate, kura kaupapa kids coaching their parents through self-checkout, Whaea Pahi chiming, ā tērā tūnga pahi Tiriti o Kuīni as kaumatua and mokopuna stream outwards, marching proudly: Toitū te Tiriti, From the Awa to the Moana, Not One Acre More each kupu, karakia, kōrero, a seedling in the forest, each utterance a sonic hīkoi, a devotion Does anyone know the reo for Chanel? Āue. When the chandeliers darken, and the bouquets greet the compost, the Numakete outpost thanks its loyal patrons in English When Te Waka o Rangi departs, Animatronic cherubs in grass skirts bob gently, paddling their canoe under a single flag. Haere Rā.
