Move Your UK Pension to NZ

If you've emigrated from the UK to New Zealand, you may be thinking about bringing over your UK pension too. 

There’s a lot to consider before deciding to transfer your UK pension.  Before you decide to transfer your pension to the Garrison Bridge Superannuation Scheme there are a few things to think about.


Benefits of Transferring Your UK Pension to Garrison Bridge
  • Consolidating your retirement assets in New Zealand will make it easier to keep track of your funds – plus it’s generally easier to deal with a New Zealand provider.
  • Because the Garrison Bridge Superannuation Scheme is a QROPS you generally won’t have to pay New Zealand tax on your lump sum (as long as you transfer within 4 years of becoming a New Zealand tax resident).
  • Garrison Bridge offers you a range of funds - two in New Zealand Dollars, two in Australian Dollars and three in Pound Sterling - (each a Fund) to choose from. Garrison Bridge uses six leading investment managers to manage your money:
    • BlackRock - the world's largest investment manager with USD $9 trillion in assets under management.
    • Vanguard - with over USD $8 trillion in assets under management. Vanguard is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs).
    • Simplicity NZ - a leading investment manager in New Zealand with over NZD $6 billion in assets under management.
    • Harbour - With over 200 years of collective industry experience, Harbour Asset Management are a proven fund manager with over $2 billion under management.
    • Smartshares - the pioneer of Exchange Traded Funds (ETFs) in New Zealand, launching the first ETF in 1996. Smartshares is New Zealand’s only issuer of ETFs listed on the NZX Main Board, with over NZD $10 billion of funds under management.
    • Mercer - is part of Marsh & McLennan Companies, Inc (MMC), a Fortune 250 company. The Mercer network gives investors access to global investment capability with people in 40 countries and over 10,000 investment strategies. Mercer manage approximately NZD $420 billion.
  • From age 55 you can receive benefits (withdraw money) flexibly in line with your requirements.
  • Benefits received are tax free in New Zealand.
  • If you become seriously ill you may be able to access your savings.
  • Upon death, your retirement savings account balance will be paid to your estate.
  • Unlike in the UK, death duties do not apply to pension funds in New Zealand.
  • You're not locked in so you can transfer your savings to another QROPS provider should you wish in the future.


Risks of Transferring Your UK Pension to New Zealand
  • There are costs associated with transferring your UK pension scheme to New Zealand and investing into the Garrison Bridge Superannuation Scheme.
  • You could be transferring your UK pension scheme to New Zealand at a time when the exchange rate is less favourable to you than at a time in the future.
  • If you are transferring from a Defined Benefit Scheme the lump sum transfer value you receive may not be sufficient to generate equivalent returns from your chosen New Zealand scheme over your lifetime to those you would have received from the Defined Benefit Scheme.
  • Depending on your UK pension scheme you could be giving up some insurance cover.
  • Once you transfer your UK pension scheme to New Zealand you may not be able to transfer it back to the same UK pension scheme in the future.
  • There may be tax disadvantages should you decide to leave New Zealand within 5 years of the transfer date.
  • The earnings in a New Zealand QROPS are taxed. Tax rates vary from 0% to 28%.
  • The QROPS Rules applicable to the Garrison Bridge Superannuation Scheme.may change. Please see Section 4 of the Product Disclosure Statement for further details.