Can I transfer my UK pension to New Zealand? 

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If you are relocating to New Zealand, you’ll want to bring your pension along with you. By transferring your pension pot, you can consolidate your retirement savings, making them easy to manage from a single point of access. The move could also be associated with several tax benefits, helping you to remain tax efficient, reduce currency risks and simplify estate planning for beneficiaries in New Zealand.   

Take our quick and easy 2-minute pension transfer eligibility quiz

Can I transfer my UK pension to New Zealand?

Yes, it is possible to transfer a UK pension to New Zealand under certain circumstances, but the process can be complex and is subject to specific rules and regulations. The key factor that determines whether a UK pension can be transferred to New Zealand is whether the pension scheme is recognized by the New Zealand Inland Revenue Department (IRD) and the UK HM Revenue & Customs.

Discover the expert insights you need with financial advisor Will Heather! Join us as we tackle the most commonly asked questions surrounding the process of transferring your UK pension to beautiful New Zealand.

If your UK pension scheme is recognized, you can consider transferring it to a New Zealand Qualifying Recognized Overseas Pension Scheme (QROPS). However, not all UK pension schemes are eligible for transfer, and it’s essential to check the compatibility of your pension with New Zealand’s regulations. Changes in pension transfer rules and tax regulations can impact the feasibility of such transfers, making it important to stay updated on the latest requirements.

It is good practice to consult with a financial advisor or pension specialist who is well-versed in both UK and New Zealand pension regulations before initiating a transfer. They can help you navigate the legal and financial aspects of transferring your UK pension to New Zealand and ensure that you comply with all the requirements to make a successful transfer.

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

The deVere Group’s two-minute pension transfer eligibility quiz could help you discover if you are eligible to transfer your UK pension to New Zealand. The free eligibility quiz is entirely free and will deliver an instant result after answering 12 easy questions. 

Take our quick and easy 2-minute pension transfer eligibility quiz:

Can I transfer my pension now? 

If you are over the age of 55, you could be able to transfer your pension across to New Zealand. Here are the key points to consider:

  1. UK Pension Age: In the UK, the minimum age to access a pension is currently 55, as per the rules introduced in 2015. This is known as the Normal Minimum Pension Age (NMPA). Before reaching this age, transferring a UK pension may not be possible.
  2. New Zealand Pension Age: New Zealand’s Superannuation (state pension) has an eligibility age that typically ranges from 65 to 67, depending on your birthdate. If you are transferring a UK pension to align it with New Zealand’s Superannuation age, you’ll need to consider this age requirement.
  3. Age for Pension Access in New Zealand: New Zealand does not have a specific age requirement for accessing private pensions like KiwiSaver or employer-based schemes. However, your UK pension transfer should comply with the rules set by New Zealand’s Inland Revenue Department (IRD).
  4. Individual Pension Scheme Rules: Some private UK pension schemes may have particular age eligibility criteria for transferring or accessing pension funds. These rules can vary and should be reviewed on a case-by-case basis.

Should I take financial advice when transferring a UK pension to New Zealand? 

Transferring a UK pension to New Zealand is a complex financial decision with significant implications for your retirement savings and financial future. Seeking professional financial advice before embarking on such a transfer is highly advisable for several compelling reasons.

Firstly, both the UK and New Zealand have distinct and intricate pension systems, each with its own set of rules, regulations, and tax structures. These rules can be challenging to navigate, and it’s easy to make costly mistakes without a comprehensive understanding of how they interplay. 

A financial advisor can provide clarity on the intricacies of both systems and help you comprehend how your UK pension transfer will be affected.

One of the primary considerations when transferring a UK pension to New Zealand is the tax implications. Tax treatment can be complex and can significantly impact the value of your pension. A financial advisor can assess your specific tax situation, ensuring you understand and comply with all tax requirements, while also helping you make informed decisions that may minimize your tax liabilities.

Moreover, the rules governing pension transfers are subject to change, and financial advisors stay updated with the latest developments in pension regulations. They can provide you with the most current information, ensuring that your transfer adheres to all legal requirements.

Financial advisors can also evaluate your overall financial situation and retirement goals to determine if transferring your UK pension is the most suitable option. They can provide a comprehensive analysis, assessing the risks and benefits of the transfer, and offering alternative solutions if necessary. The decision to transfer a UK pension to New Zealand is a significant financial move, and professional financial advice can help you make informed decisions that align with your long-term financial objectives, reduce risks, and maximize the potential benefits of the transfer while ensuring full compliance with the regulations of both countries.

The deVere Group stands ready to provide support and guidance with a pension transfer. Trusted advisors at deVere can trace all of your existing entitlements, request a full schedule of benefits, and provide up-to-date valuations so you are clear about the value of your pension.


Mario Laghos​

Mario Laghos is a journalist. His work has appeared in the Critic magazine, the Daily Express, and the Daily Mail

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