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Thread: Pension

  1. #1
    MotherBear's Avatar
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    Default Pension

    Anyone got mums and dads who've immigrated to NZ and are retirement age?

    If so can anyone confirm whether the Old Age Pension (can't they think of a better term for it ??) is subject to tax in NZ? ?I'm talking about a pension that would come from the UK as we won't have been in NZ long enough to qualify for theirs. ?They give us precious little as it is, so if NZ taxes us as well that puts a sting in the tail, especially as we won't even get the annual increments either.
    Mother Bear

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  2. #2
    fisheress's Avatar
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    Default Re: Pension

    Mother bear! Long time no speak.
    Read your post ages ago! Mum and Dad are here visiting at the mo.....and looking for a place to live. Dad says, the State UK pension is subject to tax and stays frozen at the amount it is when you transfer it.
    Hope this helps.......and makes sense!

    Fisheress

  3. #3
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    Default Re: Pension

    Fisheress, good to see you're still kicking around here. ?

    I found a couple of links where they talk about taxation and pensions. ?It seems NZ and the UK have a double-taxation agreement. ?Both of them try to take tax off the pensioners but you can claim the UK tax back or rather apply to have the pension paid tax free in the UK but it would then get clobbered in NZ. ?Sounds like you have to watch that both governments don't take a bite of the cherry.

    I really think it's disgusting that they not only tax the UK pension, but also want to freeze the amount to what it is when you first get it.

    This is one link I found regarding retirees and their financial situation , which includes pensions. ?I have another one somewhere I was reading yesterday which is a form for claiming UK tax back and applying to be tax exempt for pensions. ?I'll see if I can dig it up.

    Edited to add:

    Found another link I have regarding pensions which may be useful.

    And here's the link for claiming tax back or applying for exemption from double-taxation.
    Mother Bear

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  4. #4
    fisheress's Avatar
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    Default Re: Pension

    Thanks for those links mother bear

    Dad is coming over today, so I'll get him to read through the info/print it off. Every little helps.

    I think that the taxation is disgusting too! It's the same transferring mine and hubby's police and teachers pension - taxing already taxed money. Cheeky beggars! We still haven't decided to what exactly to do with ours!!!

    It's a minefield of people ripping you off at every turn.

    I do still browse the site anc contribute when I can! I should put an anniversary post on really to tel everyone what we've been upto!

    All I'll say is..............NZ is now the Fisher's home!!!! ;D

    Fisheress

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    By fisheress in forum General NZ Chat
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