Get Your Free Report

UK Pension TransfersMake the right decision for your needs

Request your free, personalized report today.

The step-by-step process for a smooth UK pension transfer

Have you moved from the UK to New Zealand recently? Then you may be thinking about what to do with your UK pension too.
keyboard_backspace Back

Transferring your pension from the UK to New Zealand can have some benefits. You’ll be able to work with a local adviser, which can make it easier to keep track of what is happening with your investments, there may be tax advantages, and you don’t need to worry about keeping up with what’s happening in terms of rule changes or the activities of an overseas pension manager.

But there are some factors that it is important to get expert advice on. Here’s how it works with us.

Assessing your needs

First, we will assess your needs and discuss your requirements and concerns, looking at what you value most when it comes to pension planning. This will involve talking about things like your mortgage lending, your financial goals, and your risk profile.

UK pensions can only be transferred to a qualifying recognised pension scheme (ROPS). KiwiSaver schemes generally don’t qualify but we can explain how that scheme works and help you determine whether it should also be part of your investment plan.

New Zealand does not have an annuities market like the UK’s, but we can explain the options to help you make your pension fund last here, depending on the assets that you have to invest.

Getting the transfer underway

There is a four-year window of time from when you become a tax resident of New Zealand in which you can transfer your money without any local tax obligations, provided you move it to an approved scheme.

To get things started, we will work through a fact find with you to ensure we have all your relevant information, understand your investment goals and objectives and your risk tolerance, and ask you to sign a letter of authority. From there, we will contact your UK pension provider to seek the information required.

We will then present a pension transfer proposal, explaining the value that is being transferred. The strength of the currency at that time can make quite a difference to the final amount you receive, and we work with foreign exchange experts to ensure you can make a well-informed decision.

Keep in mind that transfers can take a few months, depending on what sort of pension is being transferred.

Advice for success

Once the transfer is underway, we will prepare a full financial plan for you, according to your risk appetite.

We will also show you the target you are on track to achieve at retirement, and how your overall financial picture fits together, including your other investments. We can also help with estate planning.

We’ll stick around

The great benefit of having your money in New Zealand is that we can help you manage it from here. We will provide long-term, ongoing advice, reports and guidance to make sure that you are getting the most from your investments and that they remain suitable for you throughout your life. There can be tax liabilities if you move on from New Zealand within five years – and once again, we work with tax specialists just for this.  

Like to know more?

Moving your pension is a significant financial decision. If you would like some expert help to determine the right strategy for you, get in touch with us. We have helped thousands of people over more than 20 years and can help you understand the options available.


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.