Yes, in fact you need to have permanently emigrated from Australia before you transfer your Australian super. You must have a KiwiSaver plan in place which accepts Australian superannuation transfers, and you must transfer the full balance to your KiwiSaver account.

The rules governing superannuation transfers between Australia and New Zealand state that the funds must be transferred to an approved scheme – in New Zealand’s case, KiwiSaver. This means that if you opt to transfer your Australian superannuation scheme to KiwiSaver, you will only be able to access it at the approved retirement age, which is currently 65 in New Zealand. Alternatively, you may leave your scheme in place and take funds at the approved age for the scheme (some schemes may allow partial withdrawals at age 55, for instance).

Probably, the main reason people transfer their Australian super to KiwiSaver is that you only incur one set of management fees, and if you are actively contributing to your scheme, it is more likely that your fund will perform better. The ability to actively manage your money is also attractive. If you leave your super in Australia, there may be changes to providers or legislation which you may not know about and which may affect your scheme. Some Australian super schemes have life insurance attached, which is only paid out if you are resident in Australia. And, of course, you’ll still be paying the premiums.

The cost will depend on the complexity of your pension plan. However, we will offer one of the most inexpensive ways of transferring your funds to a New Zealand scheme. A defined benefit scheme will require more analysis and advice and, therefore, a fee will be attached which will be discussed with you. Other schemes may be straightforward and are likely not to incur any initial fees. Once the funds are received in New Zealand, you will pay normal ongoing fund management costs on the fund.

QROPS stands for Qualifying Recognised Overseas Pension Scheme. Every scheme in New Zealand that wants to accept transfers of UK pensions must be a QROPS, which recognises that it complies with the rules as set by Her Majesty’s Revenue and Customs (HMRC). We only represent fund managers who are fully recognised QROPS providers.

Yes, provided they are accepted in New Zealand by an approved or recognised scheme provider.

We aim to give you expert advice as to whether you should transfer your UK pension to New Zealand. Not every person should transfer their pension and some pension schemes have certain benefits which are better kept in place. Generally, moving your pension reduces the risk of changes to providers, legislation and tax rules which could impact on your funds. Also, it is difficult managing these schemes from afar and receiving the benefits can be difficult. More importantly, you may incur additional New Zealand tax for any gains received on your pension fund.