Alun Rees-Williams

The growth is taxed.

and you get a tax-free payment no matter how you take it at the other end.

UK works the inverse.

So UK is an EET pension.

So your money is exempt.

It's paid into your pension fund before tax.

The growth on it is completely tax-free.

When you retire or start taking it as an income or even a lump sum, you can have 25% of it tax-free, and the balance is taxable at whatever marginal rate that you happen to be on at the time.

Yeah, look, it swings both ways with pensions.

Arguments for, let's just say for, particularly for smaller balances, you might find it's easier in the long term.

That's probably a realistic answer.

If I have to retire and my money's been sitting in the UK for 20 years, do I still know it's there?

My pension provider might have changed half a dozen times.

Is it hard to track down?

Probably.

And it's also such a small, you know, for smaller amounts of money, they're kind of fiddly to deal with as pension incomes when you're older because you've got to file tax returns every year and worry about that sort of thing.

Larger sums of money, look, in terms of if I've settled here permanently, there's arguments for and against.

So if we go back to that tax, right, we think about the tax situation as being relatively neutral if everything worked evenly across returns, right?

So you go in the UK, your money is earning a tax-free return, and New Zealand is taxed on return.

So if we transferred money in...