FAQ's

What are the criteria I need to meet to be able to transfer?

You will need to have permanent residency status and be here in NZ and have an NZ pension scheme open which is able and willing to take a transfer in from the UK and has registered with the UK HMRC.

Does it matter if I haven’t got a NZ superannuation scheme?

Not initially, however the UK regulations require there to be an NZ Superannuation Plan in place prior to the transfer of the UK benefits. We will assist with this as part of our service.

Who handles my money and how safe is it?

BritsNZ does not handle client’s transfer money. All transfer proceeds are paid directly by your UK pension fund to your NZ Superannuation fund.

Can the transfer value be paid straight into my bank account?

No, it is a requirement of the UK legislation that funds are only paid directly to an approved superannuation scheme in New Zealand.

Can I do it myself?

You can try but you must appreciate that  this is a specialised and complex process and you should retain the services of a professional proficient in such business – there are serious tax consequences of not getting this right.

This is BritsNZ Financial Services area of expertise.

Are there any circumstances where I should not transfer?

Yes, there may be some instances.

There are a number of complex historical plans in the UK and our advice should be sought.

We also need to be aware of the exchange rate and whilst this will not ultimately stop a transfer, if the rates are poor it may delay it until the rate improves.

How long does it take?

Without being smart or rude....how long is a piece of string!

Generally speaking the average transfer takes between 3 & 4 months but there will be occasions when it will take more or less time……..certainly in 2006 the speed of service from the UK was dismal lengthening the whole process, with only a few notable exceptions.

You should NOT make any financial decisions or commitments based on when you are hoping the transfer will have arrived. We are in the hands of UK pension Trustees and Companies and cannot readily control the speed at which they will react.

I've already started to draw my UK pension, can I still apply for a lump sum transfer?

No, once your pension has come into payment there is nothing you can do.....other than look at ways to get the income paid across to NZ which lessen the impact of exchange rate fluctuations. We can assist with this aspect!

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