UK Pension Transfers
If you've emigrated from the UK to New Zealand, you may be thinking about bringing your UK pension too.
Since April 2015, KiwiSaver schemes have been unable to accept transfers from United Kingdom pension schemes, as they no longer have status as Qualifying Recognised Overseas Pension Schemes (QROPS).
However, the Booster SuperScheme is a Recognised Overseas Pension Scheme (ROPS) and is approved as a non-UK-based superannuation scheme to receive transferred UK pension funds
Why transfer your pension?
Many people prefer their pensions to have their money invested and managed in the country they live in.
Unlike the United Kingdom, there is currently no inheritance tax in New Zealand. You’ll also be able to access your pension money when you reach the age of 55.
If you choose to transfer your UK pension, you won’t be able to make ongoing contributions to your ROPS account.
How do I transfer my UK pension?
Transferring your UK pension scheme money is an important decision and can be complex. We recommend that you:
- Work with a financial adviser. You’ll need to work with a financial adviser that specialises in UK pension transfers.
- Get professional tax advice as part of the transfer process.
Don’t have an adviser? We can put you in touch with a financial adviser in your area who has experience assisting with UK pension transfers. To get started, call us on 0800 336 338.