Should you move your pension to NZ?

Before you decide to transfer your pension to the Britannia Retirement Scheme there are a few things to think about.


  • Consolidating your assets in New Zealand will make it easier to keep track of your funds – plus it’s generally easier to deal with a local provider.
  • You won’t need to worry about your overseas pension provider – are they in good shape, merging or collapsing?
  • You’ll be in experienced hands. As the pioneers of pension transfers in New Zealand we’ve got the country’s leading experts and we’ve completed well over 20,000 pension transfers.
  • Because the Britannia Retirement Scheme is a QROPS* you generally won’t have to pay New Zealand tax on your lump sum (as long as you transfer within four years of becoming a New Zealand tax resident).
  • Britannia manages your savings by investing them with specialist professional investment managers.
  • From age 55* you can receive benefits (withdraw money) flexibly in line with your requirements.
  • Benefits received are tax free in New Zealand.
  • If you become seriously ill you may be able to access your savings.
  • Upon death, your pension account balance will be paid to your estate.
  • Unlike in the UK, death duties do not apply to pension funds in New Zealand.
  • You're not locked in so you can transfer your savings to another QROPS provider should you wish in the future.
  • Our advisers are regulated and meet other aspects of your financial affairs in New Zealand. As Financial Advisers they are regulated and meet high standards set by the New Zealand Government.

*Qualifying Recognised Overseas Pension Scheme (QROPS), a scheme that has been approved by His Majesty's Revenue & Customs to receive transfers of UK Pension Benefits without incurring charges.

**From 6 April 2028 the minimum age at which benefits can be taken will change from 55 to 57 for all individuals who are not aged at least 55 on that date.

Risks and disadvantages

  • There are costs associated with transferring your UK pension scheme to New Zealand and investing into the Britannia Retirement Scheme.
  • You could be transferring your UK pension scheme to New Zealand at a time when the exchange rate is less favourable to you than at a time in the future.
  • If you are transferring from a Defined Benefit Scheme the lump sum transfer value you receive may not be sufficient to generate equivalent returns from your chosen New Zealand scheme over your lifetime to those you would have received from the Defined Benefit Scheme.
  • Depending on your UK pension scheme you could be giving up some insurance cover.
  • We cannot guarantee the future performance of the Britannia Retirement Scheme. Your investment in the scheme could perform better or worse than if it remained in your UK pension scheme.
  • The investment fund you select when you invest into the Britannia Retirement Scheme could result in you taking either too much or too little risk to achieve your financial objectives.
  • Once you transfer your UK pension scheme to New Zealand you may not be able to transfer it back to the same UK pension scheme in the future.
  • There may be tax disadvantages should you decide to leave New Zealand within 5 years of the transfer date.
  • The earnings in a New Zealand QROPS are taxed. Tax rates vary from 0% to 28%.
  • There is no guarantee that the Scheme will retain its QROPS status, and if you receive an unauthorised payment you may be required to pay a charge to the UK government (we have processes in place to minimise the possibility of this occurring).
  • The QROPS Rules applicable to the Britannia Retirement Scheme may change. Please see Section 4 of the Product Disclosure Statement for further details.

Free UK pension transfer assessment

Our management and staff have over 30 years' experience with over 500 different UK pension providers.
During this time they have completed over 20,000 pension transfers.

So, get in touch with one of our team. It costs you nothing to benefit from our free assessment and advice.

Request a free assessment
Or call us
✆ 0800 500 811