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UK pension deal struck

Garrison Bridge Superannuation Scheme has partnered with Paraplanning Hub in the UK to make it easier for investors with UK defined benefit pensions to bring them to New Zealand.

Wednesday, February 5th 2020, 6:55AM

Transfers from a UK defined benefit pension scheme worth more than £30,000 (NZ$60,000) require written financial advice before a transfer can be permitted.

Garrison Bridge said as demand for transfers to New Zealand increased, the ability to obtain Financial Conduct Authority (FCA) reports in the UK had dropped.

That has prompted it to strike up a relationship with Paraplanning Hub.

Managing director of Paraplanning Hub Tony Slimmings said: “Our network of FCA Advisers are well resourced to serve the New Zealand market and we are pleased to partner with Garrison Bridge to provide a solution for defined benefit reports.”

Ralph Stewart, managing director of Lifetime Asset Management and the licensed manager of Garrison Bridge Superannuation Scheme said: “Our partnership with Paraplanning Hub is an innovative solution to ensure investors and New Zealand financial advisers obtain the highest quality of advice and to help investors to make informed decisions about their UK pension benefits.”

Garrison Bridge Superannuation Scheme is approaching $100 million under management since launching in October 2016. The scheme offers both active and passive investment choices in a range of currencies including NZD, GBP and AUD.

Tags: Garrison Bridge Ralph Stewart UK Pension Transfers

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ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
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China Construction Bank Special - 2.65 2.65 2.80
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Credit Union Baywide 5.65 3.95 3.85 -
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Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
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Kiwibank 3.40 3.30 3.54 3.54
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Nelson Building Society 4.95 3.45 3.49 -
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Last updated: 4 August 2020 11:33am

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