Type "UK pension to NZ" (or similar) into any search engine, and you're presented with numerous companies extolling the various benefits of transferring your British pension to a New Zealand Qualifying Recognised Overseas Pension Scheme (QROPS).

Some of these organisations have "QROPS" or "transfer" as part of their name or may even be promoting their own QROPS product, so you could be forgiven for thinking that transferring to a QROPS is the only viable option.

This is categorically NOT the case!

We speak frequently about the moving goalposts of UK and NZ pension legislation and how these might affect transfer options for NZ residents, and 2017 has been no exception.

For the first time in some years, there was a bit of potentially good news for investors regarding access to their funds! Here's a quick recap of the year's significant updates – and a few words of caution about how some members of the global financial services industry appear to be changing their tactics.

An update about potentially good news for members of NZ QROPS (Qualifying Recognised Overseas Pension Schemes): greater access to funds leading to the possibility of more flexible investment options.
 
Back in December 2016, we reported on the UK Chancellor's Finance Bill, and highlighted the potentially positive revisions which were due to be made to overseas pension transfers.

The Financial Times reports that UK pension scam losses hit a record high in March. This is based on figures released by City of London police which show that 24 victims lost £8.6 million. The FT goes on to say that more than £42 million has been lost to "pension liberation fraud" since April 2014. You can read the complete article by Jospehine Cumbo here.

If you're thinking of investigating your UK pension transfer options, you'll want to know that you're dealing with a legitimate and qualified financial adviser. The following 8 questions may help when you're deciding with which firm you'd prefer to work.

​Why has the Chancellor introduced this policy?

This new legislation is aimed primarily at individuals who retire in one country, but "park" their pension in a more tax-friendly location, such as an offshore tax haven. The UK Treasury commented, "This charge is targeted at those seeking to reduce the tax payable by moving their pension wealth to another jurisdiction."

The team at GBPensions regularly hear from clients who have been telephoned out of the blue by overseas companies extolling the benefits of a pension transfer. It would appear that, more often than not, these clients have been found via social media of one sort or another. On one occasion, our client attempted to find out which financial advice firm was contacting her, only to be told, "I'm just a phone rep. I don't know who I'm making these calls for."
 
We agree with our clients; this is a highly unprofessional and unethical way in which to conduct business.

2016 has been something of a rollercoaster ride in the world of pension transfers, with changes proposed and imposed by the authorities in both Britain and New Zealand.
 
Most recently, Chancellor of the Exchequer, Phillip Hammond, used his Autumn Statement to announce "sweeping changes" to the UK's pensions legislation. These were formalised in a draft Finance Bill issued on 5th December.