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IVCM (NZ) PIE Superannuation Fund

DOCUMENTS
PDS inc. App*
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*This is a replacement Product Disclosure Statement for the IVCM (NZ) PIE Superannuation Fund.

The New Zealand Expat Superannuation Fund is a brand of the IVCM New Zealand PIE Superannuation Fund.

The IVCM (NZ) PIE Superannuation Fund is a regulated New Zealand based scheme which has been a Qualifying Recognised Overseas Pension Scheme for UK purposes since 26 June 2011.

The scheme is a foreign investment zero-rate Portfolio Investment Entity (PIE), which means that the rate of tax you pay as a member will be determined by your New Zealand Prescribed Investor Rate (PIR). This rate can be either 0%, 10.5%, 17.5% or a maximum of 28%.

All non – New Zealand resident members and New Zealand residents who are within their 4 year transitional residence period therefore pay tax at a nil rate on both contributions and ongoing earnings.

New Zealand superannuation is an incredibly tax efficient, safe, stable and well regulated jurisdiction for your international retirement savings.  It is a great structure for global estate planning and as an expatriate it can also be a flexible saving structure with very low fees if you wish to save on a monthly or quarterly basis.

The parties involved in the IVCM (NZ) PIE Superannuation Fund are as follows:

  • IVCM (Aust) Pty Ltd are the distributors who are responsible for distributing the scheme (ABN 16 608 923 477, AFSL 491530).
  • Lifetime Asset Management Limited who are the scheme managers regulated by the FMA under reference FSP469326.
  • Public Trust are the supervisor of the scheme and responsible for supervising Lifetime as the manager of the scheme. Public Trust are regulated by the FMA under FSP24561.
  • Adminis Custodial Nominees Ltd are the custodian who hold the assets of the scheme on trust. They are regulated by the FMA under FSP508706.
  • Administration Manager: Adminis NZ Limited are the administration managers who provide administration and online access.

The financial governance of Superannuation schemes in New Zealand is stringent – only high quality widely held investments are permitted to be available as your investment options within the scheme and you will have online access to your account so that you can keep an eye on it yourself.

Our objective is to help you reach your retirement goals.

The fees and charges for investing in the scheme are simple and transparent and fully disclosed in the Product Disclosure Statement – please take the time to read it.

IVCM NZ PIE SUPERANNUATION FUND (QROPS)

BENEFITS & REQUIREMENTS

Documents

Questions & Answers

The IVCM (NZ) PIE Superannuation Fund (‘New Zealand QROPS’) is founded on a long established system of pensions in New Zealand. The active involvement of the regulator with all retirement provisions in the jurisdiction has built a strong, stable and independent environment with a primary focus on consumer protection.

A Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS program was launched on 6 April 2006 as a part of new legislation with the objective of simplifying pensions.

Much like a Self-Invested Personal Pension (SIPP); QROPS is one of the most flexible pension plans around. It gives the member significant control over how to invest and take benefits while at the same time being very cost effective. QROPS are intended for use by individuals who permanently leave the UK in order to retire. Many of the benefits of QROPS only apply to those who have completed ten consecutive tax years outside of the UK and who will retire and remain offshore.

A SIPP is a UK registered pension scheme whereas a QROPS is an overseas pension scheme which meets certain criteria set out by HMRC. QROPS can be an extremely useful retirement planning tool for those who completed ten full consecutive tax years outside of the UK and intend to retire and remain offshore. Often a SIPP can offer many of the same benefits but the product is not tailored to overseas members in the same way that QROPS are.

Yes, IVCM offer a wide range of retirement solutions including; QROPS, SIPP, QNUPS and company pension schemes.

You are eligible for the IVCM (NZ) PIE Superannuation Fund regardless of where in the world you live should you wish to transfer benefits from a UK registered pension scheme.

However, if you are not resident in New Zealand at the date your pension is transferred to New Zealand, the transfer will be subject to the Overseas Transfer Charge (25%).

People who are not NZ nationals are still eligible for a IVCM (NZ) PIE Superannuation Fund if they wish to transfer benefits from a UK registered pension scheme or make regular savings for their retirement from after tax income

People with small pension pots are still eligible for an IVCM (NZ) PIE Superannuation Fund however we strongly recommend members consider the appropriateness of the QROPS, any potential taxation, associated charges and investment criteria.

No, a QROPS must be held in a single name.

Saving for your retirement is important.  If you currently have no retirement savings the IVCM (NZ) PIE Superannuation Fund is a great place to start.  Speak to your financial adviser about putting in place a long term savings strategy.

The process for applying of the IVCM (NZ) PIE Superannuation Fund is easy and simply requires that you complete and return the Application Form with the appropriate identification and proof of address.

You must read the Product Disclosure Statement before completing the application and deciding to invest.

Yes, IVCM only accept applications from individuals who are introduced to us by an appropriately licensed financial professional.

If you do not have a financial adviser, then you can search for one using www.unbiased.co.uk to locate an adviser in the UK. If an overseas adviser is required, please contact us and we can assist in finding an appropriately licenced adviser. IVCM are not responsible for the content of this website.

Member contributions to the IVCM (NZ) PIE Superannuation Fund are unlimited

Please contact our technical team for more information.

No, you are not entitled to tax relief on contributions made to the IVCM (NZ) PIE Superannuation Fund.

Yes, in most cases, however we strongly recommend that you seek financial advice. Transferring a pension scheme is a major financial decision and we strongly recommend that careful consideration is given to the appropriateness of the QROPS, any potential taxation and associated charges.

Yes, in most cases, however we strongly recommend that you seek financial advice. Transferring a pension scheme is a major financial decision and we strongly recommend that careful consideration is given to the appropriateness of the QROPS, any potential taxation and associated charges.

This will be considered on a case-by-case basis. You should be aware that not all overseas pension schemes permit transfers to other pension schemes.

Please contact our technical team for more information.

The IVCM (NZ) PIE Superannuation Fund is a highly portable pension scheme and is recognised in many other countries as such for tax purposes. Wherever member circumstances change, we strongly recommend reviewing the appropriateness of the QROPS, any potential taxation and associated charges.

If you return to the UK you can continue to draw pension from the IVCM (NZ) PIE Superannuation Fund. Wherever member circumstances change, we strongly recommend reviewing the appropriateness of the QROPS, any potential taxation and associated charges.

Any change in relation to your personal circumstances and country of residence you are required to update IVCM in writing immediately.

IVCM (Aust) Pty Ltd
41A Mount Barker Road
Hahndorf SA 5245
Asutralia

Tel: +61 (0) 88 188 1159
Fax: +61 (0) 88 188 1026
Email: newzealand@ivcm.com

Yes, provided that the receiving scheme meets the relevant requirements and completes a due diligence process.

Withdrawal from the Scheme costs NZD $600 if the money is UK Pension transfer money and you are eligible to make a withdrawal.

Lump sum withdrawals of other contributions are free of charge.

The IVCM (NZ) PIE Superannuation Fund offers 12 investment options in 4 different currencies, shown below:

  • IVCM Emirates Active Fund, GBP
  • IVCM Emirates Balanced Fund, GBP
  • IVCM Vanguard LifeStrategy® 40% Equity Fund, GBP
  • IVCM Vanguard LifeStrategy® 60% Equity Fund, GBP
  • IVCM Vanguard FTSE 100 Fund, GBP
  • IVCM iShares UK Corporate Bond Fund. GBP
  • IVCM Vanguard Australian Shares Index Fund, AUD
  • IVCM Vanguard Conservative Index Fund, AUD
  • IVCM Vanguard Balanced Index Fund, AUD
  • IVCM iShares Core Moderate Fund, USD
  • IVCM Vanguard International Shares Index Fund (Hedged) – NZD Class, NZD
  • IVCM Bentham Wholesale Global Income Fund, NZD.

Please visit the Product Disclosure Statement for more information on the investment target and strategy.

No, you can hold all or part of your funds in cash until you are ready to invest them.

No. The IVCM (NZ) PIE Superannuation Fund is a member directed pension scheme and therefore all investment decisions are the responsibility of the member and their financial adviser. Neither IVCM nor any of its affiliates give advice relating to the suitability of investments and cannot be held liable for any losses as a result of investments held within the IVCM (NZ) PIE Superannuation Fund.

Yes. A QROPS gives you the flexibility to choose and change your investments when you want.

Yes, however the account balance will most likely decrease over time as your account balance will still be subject to ongoing fees and charges within the Fund.

Retirement is the act of taking benefits, pension commencement lump sum or income, from your QROPS. This can be done at any time after your 55th birthday. Members of the IVCM (NZ) PIE Superannuation Fund are never obligated to take benefits at a specified age and benefits can be taken before you stop working.

No. Once invested in a pension you cannot withdraw those funds until the minimum retirement age.

There is no maximum retirement age for members of the IVCM (NZ) PIE Superannuation Fund.

Yes, you will normally be able to take a pension commencement lump sum (PCLS) from the IVCM (NZ) PIE Superannuation Fund.

The IVCM (NZ) PIE Superannuation Fund allows flexible access of retirement benefits.  You maximum PCLS is 100% of your account balance less applicable fees and charges.

Complete a Benefit Request Form and send it to newzealand@ivcm.com. We will calculate a recommended pension income for you based on your age. You can elect to receive a different pension income amount, either higher or lower than this.

Income paid from the IVCM (NZ) PIE Superannuation Fund is not subject to New Zealand tax at source. You may however, be subject to tax in your country of residence. It is the responsibility of each member of the IVCM (NZ) PIE Superannuation Fund who is receiving income to seek professional tax advice with regards to any tax liability.

No, you can take your pension fund in stages, rather than securing your retirement income all at once. This is known as ‘phased retirement’.

An annuity is a type of insurance policy that provides a regular income for life. IVCM do not offer an annuity but you may use your QROPS funds to purchase an annuity from a third party insurance company any time after the minimum retirement age.

Please contact our technical team for more information

Your remaining balance in your IVCM (NZ) PIE Superannuation Fund will be paid to your estate upon death.  If you die intestate it will be paid in accordance with the direction given by the local laws in your country of residence at the time of your death.

Your remaining balance in your IVCM (NZ) PIE Superannuation Fund will be paid to your estate upon death.  If you die intestate it will be paid in accordance with the direction given by the local laws in your country of residence at the time of your death.

As the IVCM (NZ) PIE Superannuation Fund is written under discretionary trust, any lump sum paid on death is paid at the Trustee’s discretion and hence falls outside of the member’s estate for inheritance tax purposes.

The IVCM (NZ) PIE Superannuation Fund is regulated by the Financial Markets Authority in New Zealand.

The IVCM (NZ) PIE Superannuation Fund is established under trust.

The Manager of the IVCM (NZ) PIE Superannuation Fund is a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (FSCL) and approved by the Ministry of Consumer Affairs.  Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz.  There is no cost to you to use the services of FSCL.

The IVCM (NZ) PIE Superannuation Fund is a member directed pension scheme and therefore all investment decisions are the responsibility of the member and their financial adviser. Neither IVCM nor any of its affiliates give advice relating to the suitability of investments and cannot be held liable for any losses as a result of investments held within the IVCM (NZ) PIE Superannuation Fund.

Members of the IVCM (NZ) PIE Superannuation Fund receive annual statements via email.  They also have access to online valuations.

If you have further questions then please contact us.

Although complaints should always be directed through your financial adviser, The Trustee also has an internal complaints process and undertakes to investigate your concerns promptly and fairly. You may contact a director of the Trustee to make a complaint at:

Lifetime Asset Management
Level 3, 120 Featherston Street
Wellington Central
Wellington 6011,
New Zealand

The Trustee is a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (FSCL) and approved by the Ministry of Consumer Affairs. The Trustee has 40 days to respond to your complaint. If your complaint is unresolved after 40 days or if you are not satisfied by the Trustee’s response, you may refer the matter to FSCL by emailing info@fscl.org.nz or calling FSCL on 0800 347 257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz There is no cost to you to use the services of FSCL. FSCL’s physical address is:

Financial Services Complaints Limited
Level 13, 45 Johnston Street
Wellington
New Zealand

How to use IVCM NZ QROPS as a QNUPS for IHT planning (Inheritance Tax)?
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