UK pension transfers (QROPS)


QROPS provider in New Zealand
Serving you since 1849

Book a free, no-obligation chat with one of our QROPS advisers

Dipen Acharya

Over 10 years' experience in Financial Services in NZ
NZ-credited financial adviser since 2014



Shane Narayan

Over 10 years' experience in Financial Services in NZ
NZ-credited financial adviser since 2015


Why do more people choose AMP?


• very competitive fees
• expertise and personal service
• no hidden fees


Read more about why people choose AMP
 

Transferring your UK pension can be complicated. We’re here to help every step of the way.


Consolidate your UK pension fund retirement savings in one place with a NZ Qualifying Recognised Overseas Pension Scheme (QROPS).

We offer a QROPS through the superannuation section of the New Zealand Retirement Trust (NZRT) that has a simple fee structure, experienced administration team and offers peace of mind that comes with our respected brand.

How it works

Did you know? The four-year tax window


New Zealand tax is not generally payable if your UK pension funds are transferred to New Zealand within the first four years of you becoming a New Zealand tax resident.

However, if transferred after four years of you becoming a New Zealand tax resident, then the transfer may be subject to New Zealand tax. The amount of New Zealand tax payable is dependent on the calculation method used.

You can find more information on calculating your New Zealand tax payable on withdrawals from a foreign superannuation scheme by visiting the IRD website. We recommend that you obtain advice from a tax specialist.

Once the transfer is complete, New Zealand tax is payable on the income from your investment under the Portfolio Investment Entity (PIE) tax rules.

In some circumstances, UK tax may also be payable when your UK pension funds are withdrawn from a NZ QROPS. We recommend that you obtain advice from a UK tax specialist before making a withdrawal.

Am I eligible to transfer my UK pension to New Zealand?

You can transfer your UK pension if:
• You are not already receiving income from an annuity purchased with your UK pension funds; and
• Your pension is not a State Pension, unfunded public sector pension or civil service pension; and
• The scheme you are transferring to is a QROPS, such as the NZRT

When applying to transfer you must be in New Zealand.

Do I have to pay tax when I transfer my UK pension funds?

From 9 March 2017, some transfers to and from a QROPS may incur a 25% UK tax charge called the Overseas Transfer Charge.

This charge will apply if:
• you are not a New Zealand tax resident when you request to transfer your UK pension funds from a UK pension scheme, or from another QROPS if the transfer is made within five full UK tax years of the date you originally transferred your UK pension funds from the UK ('five year period'),
• AND the original transfer was requested on or after 9 March 2017.

The Overseas Transfer Charge may also become payable if you cease to be a New Zealand tax resident within the five year period, provided you requested the original transfer on or after 9 March 2017 and the transfer has not previously been subject to the charge.

We recommend that you obtain advice from a tax specialist.

How can I withdraw funds from my QROPS account?

Usually when you turn 55, which is the normal minimum pension age in the UK, you can begin withdrawing funds from your QROPS account if so desired.
You can receive the funds in your bank account as:
• a one-off payment
• a regular income
• a combination of both.

There may also be circumstances in which you can withdraw your funds before you reach the normal minimum pension age in the UK in the following circumstances:
• If you retire before age 55 due to ill-health, you will be able to withdraw the balance of your QROPS account. To do so you will need to provide evidence from a registered medical practitioner that you are, and will continue to be, incapable of carrying on your occupation because of physical or medical impairment.
• If you retire before age 55 due to serious ill-health and provide evidence from a registered medical practitioner that you are expected to live for less than one year, you will be able to withdraw all of your QROPS account.
• In the case of your death the balance of your QROPS account will be paid to your legal personal representative.
• If we receive a property sharing court order.
• If you transfer your funds to another QROPS.

How long does it take for UK pension funds to be transferred to AMP?

3-6 months if from the UK
1-2 months if from NZ

This will depend on your current scheme, where it is based and whether all the required information is provided. We expect transfers from the UK to take three to six months and transfers from within NZ to take up to two months. The funds will be allocated to your QROPS account when they are received by the NZRT as cleared funds from your pension provider.

When your UK pension funds are received by the NZRT, you and your Adviser will receive a confirmation letter with the date that the funds were received and the New Zealand dollar amount.

Why can't I transfer my UK pension to a KiwiSaver scheme instead?

KiwiSaver schemes do not meet QROPS requirements and therefore cannot maintain QROPS status.

Why people choose AMP

Simple and competitive pricing


For QROPS accounts there are:

- no contribution fees
- no withdrawal fees
- no member fees
+ 0.80% Administration fee per annum (negotiable; please talk to your Adviser)
+ 0.20% - 1.31% Investment Management fee per annum depending which investment you select
+ NZRT fees (negotiable; please talk to your Adviser)

Range of investment options


We have many investment options available to you, with the flexibility to split your investment across seven different funds. You have the freedom to choose how you invest your retirement savings.

QROPS with AMP invests into our New Zealand Retirement Trust (NZRT) funds. Read more about the dozens of NZRT funds you can select:

myamp portal laptop

Track your savings any time with MyAMP


You'll have 24/7 access with our app and website portal, MyAMP. You can track your savings, view investment returns, apply to change the funds you’re invested in and view your projected income in retirement.

Things to consider when you’re thinking about transferring your funds


Transferring UK pension funds to a QROPS provider could be one of the biggest and most significant financial decisions that you will make and it's important you seek expert financial and tax advice.

There can be disadvantages to transferring your UK pension to New Zealand so it’s important to consider the potential risks. Your Adviser will be able to help you understand how certain risks may apply so it’s important to seek advice. For example:

  • Depending on the UK scheme you are in, you could be giving up features that are built into your UK pension such as spouse or dependent pensions, inflation-linked increases or benefits like insurance cover.
  • It’s important to consider the exchange rate as you could be transferring your funds to NZ at a time when the exchange rate is less favourable to you than at another time.
  • Once you have transferred your pension to New Zealand, you normally cannot transfer your pension back to the same UK scheme with the same benefits.
  • There are tax implications when transferring your UK pension to New Zealand. Specialist financial and tax Advisers will be able to guide you through any considerations you need to take into account.
  • You may receive less money in the long run depending on the type of UK pension scheme you are in. For example, the amount of money you will receive if you transfer from a ‘defined benefit scheme’ (which forms the lump sum you bring to New Zealand), may not be sufficient to produce the same return over your lifetime compared to those you would receive if you stayed in the UK defined benefit scheme.
  • If you have other accounts in NZRT and you transfer your UK pension funds to NZRT, these other accounts will become subject to the QROPS rules. This means that even if the rules of your other NZRT accounts allow you to make a withdrawal, you will not be able to do so until you are entitled to make a withdrawal from your QROPS account. This is because when you are a QROPS member, the QROPS rules deem any withdrawal that you make from the NZRT to have been made from your QROPS account. Talk to your Adviser for more information.

Other ways to get in touch

Schedule a time to speak with an AMP Adviser