Many people are keen to transfer their UK pension to a New Zealand Qualifying Recognised Overseas Pension Scheme (QROPS) because it typically offers:
- Better control over your funds,
- The ability to simplify your financial position, enabling you to more accurately manage your savings and plan for retirement,
- Tax advantages, and
- Greater flexibility and investment options.
If you have a defined benefit (DB) pension scheme, occupational pension scheme, final salary scheme, a Self-Invested Personal Pension (SIPP), Small Self-Administered Scheme (SSAS) or defined contribution (DC) pension scheme in the UK and you are leaving or have left the UK to live and work in New Zealand, you are probably entitled to transfer your existing UK pensions to a New Zealand QROPS.