if you moved your pension to NZ before 2017



If you transferred your UK pension to New Zealand before December 2016, there have been many changes and here’s what you need to know, in five simple points.

  1. Are you in a legacy scheme?
    We call these “walking dead” schemes that can no longer accept new members. They typically charge very high fees (over 2.3% a year) and provide little service (because they are basically winding down albeit very slowly)
  2. Pensions freedom was extended to QROPS
    But it doesn’t mean it was extended to you as a member of a legacy scheme, its at your schemes discretion to change its rules to let you access your funds flexibly.
  3. The “Overseas Transfer Charge” will not apply to you ‘ever’
    This nasty little potential 25% charge cannot apply to any actions taken on pensions that were transferred out of the UK prior to April 2017. This can have some massive benefits for you, if you need to leave New Zealand you should definitely understand the implications of your decision before leaving.
  4. You need to have dealt with the tax on your transfer
    It seems plenty of people did not know that they had a potential obligation on their pension transfers to New Zealand. So imagine their surprise when years later they have been getting letters from the IRD demanding payment including use of money interest and penalties, make sure you’ve understood and dealt with the tax.
  5. If you go back to the UK you need to understand the consequences
    Much has been written recently about people heading back to the UK from NZ. Well the rules about how much of overseas pensions are taxed when you live in the UK have changed and they will have ramifications if you’re heading back to the UK to live and retire.




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