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Pension Transfer FAQ

You may have a number of questions that we can answer more fully when you contact us, but below are some answers to Frequently Asked Questions.

How long does the transfer process take?

Each pension transfer is treated differently as each individual has different circumstances. The rule of thumb is that a normal transfer will take between 3 to 8 months. The most common delay often depends on the time it takes the UK pension provider to arrange transfer papers and confirm transfer figures.

Do I have a choice on how my money gets invested?

Yes. We have a selection of fund providers who will accept your transfer. Within the Superannuation fund we set up for you there is a range of fund options that include: Cash, Conservative, Balance, Growth, NZ and International Equities, Property and Fixed Interest Funds, the list goes on. You can decide how your pension transfer is invested.

How do I find out what my investment balance is?

If you ring us at Pension Transfers Limited we can advise you of your account balance as of the day you phone us. We can also arrange for a breakdown of your Superannuation account to be sent to you.

If I'm not happy with my investment returns over a certain period of time can I change my investments around?

Yes. You will be sent 6 monthly updates on your investment account. If you are not happy with the performance we can change your investment allocation to suit your needs.

Does my pension transfer convert to NZ Dollars once it arrives?

We can hold your pension transfer in Pounds Sterling for as long as you like, giving you currency control. But if you want to transfer it to NZ Dollars once the funds arrive we can arrange this for you.

Can I make regular contributions towards my pension transfer?

Yes. This is highly recommended as this goes towards your retirement savings. We can arrange regular contributions towards your pension fund starting from $100 per month. This regular contribution can be split amongst your investments to allow for your investment profile.

What about the new QROPS law changes, will this affect me?

Pension Transfers Limited have arrangements in place with Qualifying Recognised Overseas Pension Schemes in New Zealand to receive your pension funds, which means that you won't lose up to 55% of your fund in tax by using our services. The QROPS we use can accept your full transfer value. For more information about the QROPS rules please refer to http://www.hmrc.gov.uk/pensionschemes/faqs.htm#general

If I transfer my pension to a QROPS and break the UK rules in the 1st 5 years I understand I would be subject to tax on the benefits realised. However, can you confirm how tax would be paid if you were notified by the QROPS that a member had taken benefits (i.e. would HMRC send me an invoice for the tax due)?

This situation is covered in detail in the Registered Pension Schemes Manual at http://www.hmrc.gov.uk/manuals/rpsmmanual/RPSM13102210.htm

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