If you are considering transferring your pension from the UK to NZ, be aware: the goal posts are moving again!

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There have been several major - some might say draconian - changes to legislation affecting the transfer of UK pension schemes in the last year or so. First we had the cut-off date for transferring unfunded statutory (public sector) pension schemes, then we had a significant cull of the NZ ROPS list (which notably affected KiwiSaver, of course.) The next overhaul coming later this year will seriously impact how much of a NZ superannuation pension fund can be accessed and when.

Presently, UK regulations allow a New Zealand superannuation scheme with QROPS status to pay members a lump sum amount of approximately 30% of their transferred UK fund at age 55, plus provide an income for life.

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