Importantly, our specialist UK Pension Transfer team, with local and UK market knowledge, can provide you with information and help you with the process of transferring your UK Pension to New Zealand. We will ask the right questions of your UK provider in order to provide you a personal summary highlighting the advantages and disadvantages of transferring.
Transferring your UK Pension
Managing a UK Pension Scheme from New Zealand can be challenging. By choosing to transfer your funds to our Craigs Superannuation Scheme account, you’ll benefit from the knowledge of a local adviser. They can help you alter your investments, organise a withdrawal, or simply provide a progress report.
With Craigs at your side, you can expect:
- An experienced transfer team of UK Pension specialists.
- A complimentary UK Pension Transfer Information Service to help you understand your options and assist with a transfer if required.
- Access to investment advice and research from qualified professionals.
Our UK Pension Transfer Service requires transferring clients to be living in New Zealand with the intention and ability to reside and retire in New Zealand permanently. Currently, there’s a four-year window from the first day you’re a New Zealand tax resident to transfer your UK Pension without any NZ tax obligations.
“Craigs made the whole UK Pension Transfer process extremely easy and straightforward. I only wish we'd done it sooner. ”
UK Pension Transfer Service FAQs & Documents
Craigs Investment Partners does not charge for the gathering of information on your UK Pension scheme and helping you transfer this to our registered superannuation scheme. There may be charges imposed by your UK Pension provider and/or by the bank that processes your transfer. Some clients will have a special type of pension called Final Salary or Defined Benefits (DB). These types of pension may require UK regulated advice and there will be a charge for this advice. Once the funds are received, there will be fees associated with your investment into the Craigs Superannuation Scheme.
This stands for Qualified Recognised Overseas Pension Scheme (QROPS), and is also known as Recognised Overseas Pension Scheme (ROPS). It is a recognised overseas pension scheme that meets certain requirements laid down by the UK HMRC (His Majesty’s Revenue & Custom) to enable them to receive transferred funds from UK Pension funds.
In order to transfer your UK pension, the New Zealand superannuation scheme you wish to transfer into must be a QROPS. Any QROPS is required and obligated to report back to HMRC for a specific period regarding any payments made to members. The required reporting period is currently 10 years from the date of transfer and if you are a UK tax resident in the current tax year or any of the previous 10 full UK tax years.
You may be eligible for New Zealand Superannuation if you are over the age of 65 and are a New Zealand citizen or permanent resident, ordinarily living in New Zealand.
There are also residence requirements to consider if you have spent some of your life living or working overseas. You should contact Work and Income New Zealand (WINZ) for more information or you can check their website: https://www.workandincome.govt.nz/pensions/travelling-or-moving/moving-to-nz/residency-requirements-for-new-zealand-benefits-and-pensions.html
To obtain a forecast of your UK State Pension you can use form BR19 from the UK government website: https://www.gov.uk/government/publications/application-for-a-state-pension-statement
Currently the general minimum age of entitlement for UK pensions is age 55. You should check with your individual pension scheme for any restrictions to the age of entitlement that might apply.
The UK government has confirmed that the general minimum age of entitlement for UK pensions will increase to age 57 from April 2028.
How can we help?
A flexible superannuation
Our Craigs Superannuation Scheme provides a wide range of investment options. You’ll be able to tailor your portfolio by selecting your own shares, funds, and other securities. It’s also a Qualifying Recognised Overseas Pension Scheme (QROPS), so you’ll be able to receive funds from UK pension schemes.
If you’d like the help of an expert adviser to develop a tailored investment strategy specific to your financial goals. We have a range of services and solutions that can be personalised to you and your family. Simply share your vision and we’ll map out the steps to get you there.
You may be thinking about retirement, or perhaps you’re already there. We’ll work with you to manage and protect your wealth so you can head towards the lifestyle you want and deserve.
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Our locally-based expert advisers are here to provide comprehensive investment advice and we’ll support your financial aspirations with detailed, research-based insights. With a network of 19 locations nationwide, our expertise is never far away to help you achieve your investment goals.
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