UK pension transfer to NZ

Transfer your pension

  • Do you still have a private or company pension scheme in the UK?
  • Would you like to investigate the potential benefits of transferring those funds into a legitimate SIPP or NZ QROPS (Self-Invested Personal Pension or Qualifying Recognised Overseas Pension Scheme)?
  • Did you know that whilst your pension remains in the UK it could be stacking up a potential New Zealand tax liability?
  • Have you been resident in New Zealand for less than 4 years?*
What does SIPP mean?

It could be time to act

For some people, a UK pension could accumulate a New Zealand tax liability of up to 100% at retirement!

*If you’ve been in NZ for longer than 4 years, and if a pension transfer is appropriate for you, there are still benefits to be gained.

What does QROPS mean?

Why transfer?

If you decide to transfer a UK pension fund into a legitimate SIPP or NZ QROPS you can potentially gain access to your money:

  • entirely in lump sum form, if preferred
  • sooner than would be possible under many UK schemes
  • as efficiently as possible, potentially reducing tax liabilities in both the UK and NZ

Why choose GBPensions to handle your UK pension transfer?

GBPensions team

With GBPensions, your hard-earned savings are in capable hands.

We offer advice without commitment. There is no charge to investigate and retrieve your pension information from overseas, and you’re under no obligation to proceed with us once we have.

The advice we offer is tailored to your goals, objectives and circumstances, which may mean a transfer to a SIPP or a NZ QROPS fits your requirements, or it may mean that we advise you to not transfer your pensions scheme/s at all.

  • We promise to:
    not expect you to fill out reams of paperwork
    do the hard work for you and make the transfer process as easy as pie
    offer advice based solely on your personal needs and circumstances

The transfer process

​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.

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