Alun Rees-Williams

It's basically you've got a defined contribution scheme that we talked about earlier.

Your money is going almost to a like-to-like scheme.

They have some rules in place where they might require you to get some free advice just to make sure you understand what you're doing from a UK body.

called money helper just to make sure again you're aware of what's happening to your money where it's going what you've been charged if anything and so on and so forth and that you're making the right choice or for the defined benefit schemes where you are foregoing a future benefit a future amount of guaranteed pension they will require a fca regulated uk advisor to write a report for you to tell you whether you should transfer or shouldn't transfer your money

From the UK pension provider.

Yep.

So if you think about those, if the best thing in the world you could have when you retire, let's say we're in New Zealand and someone said to you, we will pay an inflation adjusted benefit every single year until you die.

Look, there might be a catch in so much as that you might have, if you looked at your actual value of your benefit, it might be worth half a million pounds, let's say, and you're 65 and you start taking it and it's paying you at X number of pounds per month, adjusted for inflation until you die.

What happens if you die, you've got no dependents in you or you're not married and you die at 66?

gone well it's no use to you you're dead you are dead but your money's gone or if you're married for example or have a partner the benefit usually reduces by 50% so in some respects fantastic and in some respects but you can't pass it on I guess is the point so you can enjoy it while you live and then your partner gets it at 50% but you can't give it to your estate yeah conversely you might live to 110%

And they're just paying out of benefit.

Carries on and carries on and carries on.

So it's like a guaranteed amount of money that's paid to you for the rest of your life.

Okay.

At the moment.

Look, nothing necessarily, but we're basing any advice around that as what is in place now.

So there's already talk, I suppose, between political parties in New Zealand going, should we means test it?

Should we do this?

Should we do that?

There's always an opportunity to say, if we receive an income from somewhere else, eventually we might not receive the New Zealand super.