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UK Pension Transfer FAQs

Frequently asked questions about UK Pension Transfers

Why should I consider moving my UK pension to a New Zealand QROPS?

If left in the UK up to 100% of your withdrawals could be taxed as income in New Zealand.


Once invested in a QROPS there is no future tax liability in your hands on income or lump sums paid to you. Investing in a QROPS can create a tax efficient solution under the PIE regime in New Zealand.


You can withdraw a Pension Commencement Lump Sum at age 55.


Minimise Exchange Rate risks in the future. You may be worried that the pound will weaken against the dollar in future years.


We can invest your funds in sterling in a NZ QROPS.


Amalgamate your legacy UK pensions into one compliant NZ Superannuation scheme.


Reduce your exposure to underfunded UK Final Salary schemes – many are struggling to meet their commitments due to adverse returns and increasing obligations.


Convert your UK Final Salary scheme to an asset which you control now and in the event of your death – maximise your legacy for your beneficiaries.


Transfer Values of UK Final Salary ( Defined Benefit ) pension schemes have risen substantially in the last few years – if you have not recently requested a Transfer Valuation you should ask us to obtain one now.


No Inheritance Tax Liability to pay in New Zealand in the event of your death.


Have access to local investment advice from a UK qualified New Zealand Financial Adviser.

What is a QROPS?

UK HMRC legislation was introduced in 2006 which gave effect to QROPS (Qualifying Recognised Overseas Pension Schemes) to allow the transfer of UK tax relieved pensions funds overseas. In 2015 and 2017 the HMRC changed the QROPS rules dramatically. Anyone between the ages of 18 and 75 with a UK registered pension who is currently living overseas, or is intending to leave the UK, can apply to transfer their pension to a QROPS scheme.


The QROPS in New Zealand are registered superannuation schemes that are regulated by the Financial Markets Authority (FMA) and approved by the Ministry of Economic Development. Funds are held in trust and QROPS providers are subject to stringent reporting and fiduciary requirements by the New Zealand government.

For more information on  QROPS, Download the UK Pensions Advisory Service Spotlight Guide.

What is your experience in the UK pension transfer process?

Mike Wilkey, our principal adviser, has been dealing with QROPS for 10 years and has transferred hundreds of UK pension funds for his clients to New Zealand. Prior to emigrating in 2006 he held senior positions with major UK Financial Services providers in a variety of managerial and compliance roles.


Mike is UK FPC qualified and an Authorised Financial Adviser (AFA) in New Zealand. His Financial Services Provider Registration Number is FSP 109604.


We have an affiliation with Cradle Overseas Pensions and Onvestor Reporting, UK FCA regulated firms specialising in delivering QROPS advice.

What about the tax on the transfer?

Tax may be due on the transfer depending on how you have made tax returns in New Zealand. Most people get a 4-year window during which they can make a transfer into New Zealand without incurring a tax payment. For more information click here

Can any UK pension be considered for transfer to a QROPS scheme?

Changes in the 2015 UK budget means that you are no longer able to transfer your benefits from any “un-funded” State Sector pension schemes. These include the NHS, Teachers Pension, Civil Service and Armed Forces pension schemes.


If you have already bought an annuity from your personal pension or taken any payment from a UK Final Salary scheme you cannot transfer your UK pension to New Zealand.


The following pensions can be transferred:


Personal Pensions
Group Personal Pensions
Buyout Plans
Stakeholder pensions
Income Drawdown pensions
Final Salary Pensions

Can my UK pension be transferred to my Kiwisaver?

No, Kiwsaver lost their UK HMRC QROPS status in 2015 due the early withdrawal benefit.

Freephone 0800 697 367

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For all enquiries of help with your pension transfer please visit For investment advice please visit or call 0800 697 367.