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.

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.

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.

​Since HMRC (Her Majesty's Revenue & Customs) introduced Pensions "A" Day (6th April 2006), NZ residents have had two main options when it comes to transferring their UK pension. Having weighed up the pros & cons, they can either choose to leave it where it is or they can transfer it to a New Zealand registered superannuation scheme which has been listed by HMRC as a QROPS (Qualifying Recognised Overseas Pension Scheme) and therefore able to receive funds.

GBPensions now give their clients a third legitimate option: to move their pension into a UK registered SIPP (Self-Invested Personal Pension). 

​If a pension transfer is appropriate for you, GBPensions is now offering a legitimate alternative to the usual UK pension transfer to a NZ registered QROPS (Qualifying Recognised Overseas Pension Scheme.) Our clients now have the option of transferring to a UK registered SIPP (Self-Invested Personal Pension) – a choice which could provide significantly better benefits for some clients, in terms of tax and access to funds.

In fact, GBPensions' director Tony Chamberlain is adamant that, if a client is aged 55 or older during their first 4 tax years of residency in New Zealand, they should investigate the option of a SIPP as well as a NZ QROPS. The benefits are not limited to those who fall within these criteria however, and other clients – depending on their circumstances and goals – should also consider using a SIPP for their transfer.