UK Pension Transfer

What you need to know about UK pensions if you live in New Zealand

Are you a UK expat living in New Zealand, or a New Zealander who has worked in the UK and built up a pension? If so, it might be time to consider your options. With tens of thousands of Kiwis having UK pensions sitting idle, understanding what this means for your retirement is more important than ever.

Many people with UK pensions don’t realise they may have greater flexibility and control over their funds by transferring them to New Zealand under a Qualifying Recognised Overseas Pension Scheme (QROPS). Here are just a few reasons to explore a review:

• Better Visibility & Control: UK schemes can be difficult to track and understand. A transfer to NZ gives you full access to local support and transparency.
• Consolidation: Bringing your pension to NZ allows you to simplify your finances and consolidate investments.
• Retirement Planning: Transferring may give you greater investment choice and help align your pension with your retirement goals.
• Estate Planning: UK pensions may come with restrictions on who can inherit your pension. Transferring to NZ can offer better flexibility for your beneficiaries.

Key considerations before transferring

While transferring may offer many benefits, it’s not the right decision for everyone. There are several key factors to consider:

• Tax Implications: There are tax benefits for transferring within four years of becoming a NZ tax resident. After that, a portion of your pension transfer may be taxed.
• Loss of UK Guarantees: Some defined benefit (final salary) schemes have guarantees that are lost on transfer.
• Transfer Costs & Fees: Transfers can include fees, but many are offset by long-term savings and better fund performance.

Why work with Apex Advice?

At Apex Advice, we have specialists in UK pension transfers and retirement planning for New Zealanders. Here’s why people choose us:

• Licensed NZ Financial Advisers with UK Pension Experience
• Personalised Advice tailored to your goals, risk profile and retirement plans
• Clear Explanation of tax rules, fees, and potential outcomes
• We offer full ongoing support; we don’t just help with the transfer; we support you every step of the way

Our goal is to ensure your money is working hard for your future and not just sitting idle overseas. We make the process simple, transparent, and fully compliant.