The capital value of most UK "personal" or “employment-based” pension schemes (but not SERPS, S2P or the basic State Pension) can be transferred to an “approved” scheme in New Zealand. This is not dependent on being resident in New Zealand. The only requirement is that under the UK transfer rules, superannuation schemes outside the UK must have QROPS (Qualifying Recognised Overseas Pension Scheme) status to be able to receive a tax-exempt transfer value.

The SuperLife UK pension transfer scheme has QROPS status. The SuperLIfe UK pension transfer scheme is a workplace savings scheme under the Financial Markets Conduct Act 2013.

KiwiSaver schemes can not accept transfers direct from UK pension schemes.

 

Residency

The 2006 UK pension reforms resulted in a relaxation of the residency requirements relating to pension transfers. The 2006 regulations provide that you no longer have to be resident in the same country as the receiving scheme is based.

SuperLife can transfer your pension into our HMRC approved QROPS if:

  • you are a New Zealand resident currently living in New Zealand after working in the UK; or
  • you are a UK resident intending to move to New Zealand; or
  • you have worked in the UK but do not live there anymore (e.g. you are now living in Canada or Spain)

 

Withdrawing a QROPS balance

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