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UK Pension Transfers

A wide choice of investment funds and easy online management

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

This might suit you if you're...

  • a British expat or returned Kiwi with pension money in the UK
  • already with a NZ QROPS provider, but not happy with the fees or service that you’re receiving

Here’s what you get:

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

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 in one country makes it a lot easier to control and manage your retirement savings.

Why choose AMP

Simple and competitive pricing. For QROPS accounts we don't charge member, withdrawal, or contribution fees - only an Administration fee of 0.80% per annum, an Investment Management fee of between 0.20% to 0.90% per annum, and costs and expenses incurred, both by us and the fund managers we use, as part of running the NZRT*.

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

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*Your Adviser may charge a one-off Adviser fee on the initial transferred amount and/or an ongoing service fee. These fees are negotiated between you and your Adviser, so please contact your Adviser for any queries you may have about these fees. The Investment Management fee and any additional costs and expenses will depend on your investment fund choice. All fees may be subject to change. For more information regarding fees please see the 'NZRT Fees and other charges’ document on the AMP website at or talk to your Adviser.

Important things

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 to you 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.
  • 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 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.
  • 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.

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 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 NZ when you apply to transfer your UK pension to 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 - 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.

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 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.

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 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. For more information regarding PIE tax, please see the 'NZRT Tax' document on the AMP website at or talk to your adviser.

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.

You can begin withdrawing funds from your QROPS account once you reach the normal minimum pension age in the UK (currently 55). You can receive the funds in your QROPS account as a one-off payment, as a regular income or as 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.

No. KiwiSaver schemes do not meet QROPS requirements therefore cannot maintain QROPS status.


Get started

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 NZRT.

AMP Wealth Management New Zealand Limited is the issuer and manager of NZRT. The Supervisor is The New Zealand Guardian Trust Company Limited (the 'Supervisor').

For more information, download a copy of the NZRT Product Disclosure Statement and NZRT Fund Update Booklet which have been lodged on the Scheme's offers register entry at

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.