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UK Pension Transfers

A wide choice of investment funds and easy online management

Choosing a New Zealand QROPS (Qualifying Recognised Overseas Pension Scheme) to manage your UK pension funds could be one of the most important financial decisions you will make.

To help you along the way, AMP offers a QROPS solution offered through the New Zealand Retirement Trust (NZRT) with a simple fee structure, experienced administration and the peace of mind that comes with our respected brand.

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.

This might suit you if you're...

  • a British expat or returned Kiwi with pension money in the UK
  • already with a New Zealand QROPS provider, but not happy with the fees or service level

Here’s what you get:

  • A quality QROPS solution through AMP’s NZRT.
  • A wide choice of funds to grow your money.
  • 24/7 access to view your account through the My AMP and My AMP app.

To transfer your
UK pension funds talk to your adviser or call us

0800 800 267

Monday to Friday
8:00am - 6:00pm

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Why transfer your UK pension to NZ

Consolidate your assets. Having all your retirement savings with one provider makes it a lot easier to control and manage your funds.

Potential tax efficiencies. The money transferred to your NZRT QROPS account may be exempt from NZ tax on foreign superannuation withdrawals if the transfer amount is received within four years of you becoming a NZ tax resident.

Tax is complicated and you should get advice.

Why choose AMP

Simple and competitive pricing. For all QROPS pension transfers we don't charge member, withdrawal or contribution fees - only an Administration fee of 0.80% per annum and an Investment Management fee between 0.20% to 0.90% per annum*. 

*Your adviser may charge a one-off adviser fee on the initial transferred amount and/or an ongoing service fee. These fees are subject to adviser discretion, so contact your adviser for details. The Investment Management fee will depend on your investment fund choice. All fees may be subject to change.

Wide choice of funds. With 28 investment options available and the ability to split your investment mix across up to 7 funds, you have exceptional choice and flexibility over your savings.

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Important things

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

  • Depending on the UK scheme you are in, you could be giving up guarantees 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 New Zealand at a time when the
    exchange rate is less favourable to you than at another time.
  • 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.
  • 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 NZ tax implications with 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.
  •  If you're an existing NZRT member and you transfer your UK pension funds to NZRT, there may be UK tax implications if you make a withdrawal from your other NZRT accounts. Talk to your adviser for more information.  

Frequently asked questions

You will find a summary of the most frequently asked questions on QROPS transfers and the AMP QROPS offer here. If you have a question that is not covered, you can call us on 0800 800 267.

You can transfer your UK-sourced 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.

Unless you are already a member of the NZRT, you must be in New Zealand when you apply to transfer your UK pension to New Zealand.

This will depend on the current scheme, where it is based and whether all the required information is provided. We expect transfers from the UK to take 3-6 months and transfers from within New Zealand to take up to 2 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-sourced 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 NZD amount.

The transfer is an authorised payment and therefore not subject to UK tax. New Zealand tax is generally not payable if the UK-sourced 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 We recommend that you obtain advice from a tax specialist.

Once the transfer is completed, PIE tax is payable on the income from your investment.

You can begin withdrawing funds from your QROPS Account if you’ve already reached the normal minimum pension age in the UK (currently 55):

  • 70% of the original transfer amount must be designated as an ‘income for life’. ‘Income for life’ calculations will be used to determine how much you receive annually. You may be able to withdraw the remainder as a lump sum, but in certain circumstances members may be limited in the amount they can withdraw (due to UK tax rules).
  • You may be able to withdraw funds from your QROPS Account if you haven’t reached the normal minimum pension age in the UK (currently 55):
  • If you retire due to ill-health and provide evidence that you are, and will continue to be, incapable of carrying on your occupation because of physical or medical impairment you will be able to receive income for life payments and a lump sum as if you were 55;
  • If you retire due to serious ill-health and provide evidence that you are expected to live for less than one year you will be able to withdraw all of your funds;
  • In the case of your death (the balance of your QROPS Account is paid to your legal personal representative); or
  • If you transfer your funds to another QROPS.

No. In April 2015, HMRC changed the QROPS requirements, meaning that KiwiSaver schemes can no longer qualify as QROPS.


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To find out more about QROPS, get in contact with your adviser or call us on 0800 800 267.

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Important information

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Ask your adviser for a copy of the NZRT Personal Superannuation Section Product Disclosure Statement and NZRT Fund Update Booklet for more information about QROPS, QROPS transfers and the NZRT.

AMP Wealth Management New Zealand Limited is the manager and issuer of the New Zealand Retirement Trust (NZRT).

While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.

A disclosure statement is available from your adviser, on request and free of charge.