Can I Transfer my UK Pension Funds to New Zealand?
Many individuals who are looking to transfer their UK pension to New Zealand contact us and ask the question, can I transfer my UK Pension funds to New Zealand? The answer is yes, provided that the transfer funds are received by a New Zealand Superannuation Scheme that is registered with HMRC as a Qualifying Recognised Overseas Pension (QROPS).
You can find the full list of New Zealand Superannuation Schemes with QROPS status on the HMRC ROPS list.
What Type of UK Pension Can I Transfer to New Zealand
You may transfer the following types of UK pension arrangements to a QROPS registered New Zealand Superannuation:
- An Occupational Pension Scheme.
- A Defined Benefit Scheme (i.e. A Final Salary Scheme)
- A Defined Contribution Scheme (i.e. A Self Invested Personal Pension (SIPP) or Personal Pension).
- A Small Self-Administered Scheme (SSAS)
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The following types of UK Pensions are not permitted to transfer:
• UK State Pension
• Unfunded Civil Service Pensions which include NHS, Teachers, Fire Fighters, Police and Armed Forces.
Transferring a UK Pension Plan overseas requires careful planning which is why we would always encourage you to seek professional financial advice before transferring, particularly if you do not understand the Superannuation environment or the investment markets. It is also important that you are comfortable with the option you choose, to ensure that it best suits your circumstances and personal objectives.
We are not authorised to provide you with financial advice, but we can guide you through the transfer process and give general guidance on the options you have.
If you would like to find out more about transferring your UK pension to New Zealand, contact a member of our team today and we would be happy to answer any questions you may have.
This article does not contain personal or financial advice. It is provided for general information only and does not take into account your personal objectives, financial situation or needs. IVCM is not authorized to provide you with any personal or financial advice.
If you require financial any advice then you must make sure that you obtain advice from a suitably qualified financial adviser.