Due to the amount of administration involved, pension transfer processing times can vary significantly, but average about 6 months. The timing depends on the UK and NZ scheme providers, plus international postal and banking systems.
The pension transfer process typically takes the following course:
Step 1 You make contact with GBPensions.
Step 2 One of GBPensions’ Authorised Financial Advisers explains the general position to you and, if you wish to investigate further, we’ll ask for an authority to seek detailed information from your UK scheme/s without obligation.
Step 3 GBPensions request a current transfer value and discharge papers from the UK scheme. Once received back, these are used in helping to evaluate the viability of transferring based on your specific circumstances. A pension transfer to a SIPP or NZ QROPS may not be relevant or appropriate in all instances. The decision whether to transfer or not is complex, and it is important to consider the benefits, risks and disadvantages before determining if a transfer is suitable. GBPensions recommends that all clients seek independent financial and tax advice, personalised to their individual circumstances.
Step 4 If you decide to go ahead and transfer your UK pension, GBPensions collate all the necessary paperwork and send this to the SIPP or NZ QROPS for onward submission to the UK.
Step 5 Funds are received by the SIPP or NZ QROPS, and invested accordingly.