Join Nigel Green for the MAKE YOUR MONEY WORK HARDER Webclass
| Getting your Trinity Audio player ready... |
If you want to study in New Zealand for more than three months, you will need permission, which requires admittance to one of the country’s educational institutions. Some student visas – but not all, will permit family members to join you in your studies, and most will allow the student to work up to 20 hours a week during term time.
“New Zealand performs well in many dimensions of well-being relative to other countries in the Better Life Index. New Zealand outperforms the average in income, jobs, education, health, environmental quality, social connections, civic engagement and life satisfaction. These assessments are based on available selected data.
“Money, while it cannot buy happiness, is an important means to achieving higher living standards. In New Zealand, the average household net-adjusted disposable income per capita is USD 39,024 yearly, more than the OECD average of USD 30,490 yearly.”
Work-life balance is another critical factor contributing to New Zealand’s high quality of life. The culture places a strong emphasis on family and leisure time, with New Zealanders enjoying a balanced lifestyle that prioritises personal well-being alongside professional commitments. According to the OECD Better Life Index, New Zealand ranks highly in terms of work-life balance, reflecting the population’s ability to manage work demands without sacrificing personal life.
One notable strength of New Zealand’s healthcare system is its shorter waiting times. A 2020 report by the Organisation for Economic Co-operation and Development (OECD) reveals that less than 25 per cent of patients in New Zealand wait over three months for routine procedures like cataract surgery or hip and knee replacements. In contrast, approximately 40 per cent of patients in the UK were recorded as having faced such delays.
Transferring a UK pension to New Zealand is possible but could be complex. The key requirement is that the pension scheme must be recognised by both New Zealand’s Inland Revenue Department (IRD) and the UK’s HM Revenue & Customs. If your UK pension scheme is recognised, you can transfer it to a New Zealand Qualifying Recognized Overseas Pension Scheme (QROPS). However, not all UK pensions are eligible, so checking compatibility with New Zealand regulations is crucial. Keeping updated on changes in transfer rules and tax laws is essential.
Consulting a financial advisor or pension specialist familiar with both UK and New Zealand regulations is highly advisable before initiating a transfer. They can help you navigate the legal and financial intricacies, ensuring compliance with all requirements.
To determine your eligibility to transfer a UK pension to New Zealand, consider these factors: The minimum age to access a pension in the UK is 55. Transferring a pension before this age is generally not allowed. In New Zealand, the state pension eligibility age ranges from 65 to 67, depending on your birthdate, although private pensions like KiwiSaver or employer-based schemes may have different rules. Additionally, individual UK pension schemes might have specific age criteria for transferring funds, so each case needs to be reviewed.
It is important to stay secure while using the internet. It has been reported that external entities falsely represent themselves as providing financial services for deVere Investment and may use the names of current employees when attempting to carry out fraudulent activities.
Report fraud by emailing csvglobaladmin@devere-group.com.
