The Pension Transfer Process

We can provide help every step of the way as you investigate transferring your UK pension, and if you decide to proceed with the pension transfer.

How long does a pension transfer take?

UK pension schemes vary widely in the speed of their response to pension transfer enquiries, and even in the methods they are willing to use to transfer funds - but most transfers take around three months.

Our fastest pension transfer ever took three weeks, and our slowest took nine months. We do our best to expedite the process, couriering documents to the UK, and calling to confirm receipt of documents and for frequent progress reports.

The process for a UK pension transfer is:

• Gather up your fund details, and contact us to get a full assessment of your UK retirement funds – we will not recommend that you transfer them unless it is in your best interests. We can also advise you on the best way to minimise your exposure to exchange rate fluctuations.
• We will request transfer values from your UK pension providers, along with the relevant Overseas Pension Transfer forms.
• We will review these with you, then fill in the transfer forms to request the transfer if you decide to proceed. We provide full support and advice every step of the way.
• We will help you to open an account with a New Zealand pension fund manager, and you can start discussing the structure of your investment portfolio with them.
• Once your UK pension funds have been transferred to New Zealand, they are credited to your NZ pension account. You have the option of keeping them in a GBP cash account while you wait for a favourable exchange rate. Once you're ready to invest, your dedicated investment adviser will help you to structure your investment portfolio.
• Your dedicated investment adviser will contact you regularly to review your investments. After you have been out of the UK for 5 complete UK tax years, and subject to the minimum investment period specified by the pension scheme, you can unlock a portion of your funds if you wish to.

The paperwork you generally need to proceed with a UK pension transfer is:

• Details of your UK pension scheme/s, and
• The overseas transfer forms from your UK pension providers, and
• A photocopy of your photo ID – the photo page or your passport and your residency visa (if applicable) or your driving licence. Occasionally you will need to provide a notarised copy of your ID, but we will let you know if this is the case, and
• A copy of a recent utility bill showing your address, and
• A pre-printed deposit slip for your bank account or bank statement.

If you wish to claim an earlier entry date than the one specified on your residency visa you may also need to provide additional evidence, such as:

• A property rental agreement, or
• A house purchase contract, or
• Correspondence from the HMRC confirming non residency in the UK, or
• Your P85 and the picture page of your passport, or
•  A letter from your employer.

Please read on for information on how to track down any UK pensions you may have lost track of.  

Please fee free to contact us if you have any questions about your UK pensions, and don't forget to order your free copy of our comprehensive UK Pension Guide.