If you have come to New Zealand from the United Kingdom, then you may already have savings schemes established overseas hat you will be looking to use here. One way you can use this savings fund is for property investment, which can be a great option if you get the right advice and use funds wisely.
However, the Financial Markets Authority (FMA) is warning people in this position to be aware of new advertising on what to do with your UK pension scheme, as it is misleading!
According to a December 18 release from the FMA, there have been advertisements urging people to transfer their UK pension entitlements to New Zealand before potential legislation changes in April 2015. However, as FMA Director of Compliance Elaine Campbell points out, this may be unnecessarily alarmist.
"We are concerned that people are feeling press-ganged into transferring their pension scheme entitlements from the UK and being put under pressure to act now," she said. Ms Campbell also pointed out that for many people, this fund is one of their most important items to put toward financial independence late in life, and moving it should be taken seriously.
"Before making a significant decision like this, it's essential they seek professional financial advice that is personalised for their own circumstances – and also consider talking to a tax specialist," she added.
Getting investment advice that is tailored to your specific situation is one of the most important things to consider when you are working out what to do with your money. No two people are in the exact same situation – by law, a financial adviser has to take into account your specific circumstances when issuing advice.
Contact us at Goodlife today to find out more. We are authorised to help you and get you up onto that property ladder!
Here's to your financial independence!
Daniel Carney
Authorised Financial Adviser / Investment Property Expert