Nigel Lea · deVere New Zealand
Your life is in New Zealand. Is your pension still in the UK?
If you've worked in the UK, a NZ QROPS transfer could let you hold your pension in NZ dollars, possibly free of NZ tax. Find out if it's right for you.
6-page PDF · no documents needed · instant download
What is a NZ QROPS?
A Qualifying Recognised Overseas Pension Scheme is a NZ retirement scheme that HMRC accepts for UK pension transfers. Your UK pension moves into it, can be invested in NZ dollars, and is regulated under New Zealand law.
Possible tax-free transfer window
New migrants generally get a four-year window after becoming NZ tax resident in which a foreign pension transfer isn't taxed in NZ.
Tax-free withdrawals in NZ dollars
Money you draw from a NZ QROPS is generally tax-free for NZ residents. And it can be paid in the currency you spend.
No UK Overseas Transfer Charge
HMRC's 25% charge doesn't apply when you live in the same country as your QROPS, up to the overseas transfer allowance (currently £1,073,100). Move to another country before the end of the fifth full UK tax year after the transfer, and the charge can apply after all.
Get ahead of UK inheritance tax changes
From 6 April 2027, most unused UK pension funds come into UK inheritance tax, under Finance Act 2026. A NZ scheme may change how your estate is treated.
Pull scattered pensions together
Bring several old UK workplace and private pensions into one NZ-regulated scheme you can see and manage.
NZ-regulated, HMRC-recognised
NZ QROPS are regulated under New Zealand law and appear on HMRC's ROPS notification list. Benefits are generally available from age 55. UK rules raise the minimum pension age to 57 from 6 April 2028.
How much NZ tax could you save?
Compare your yearly net income from a UK pension with the same income from a NZ QROPS.
UK pension vs NZ QROPS
NZ$100,000 withdrawn each year
Estimated annual tax saving with a NZ QROPS
NZ$27,845
a year, on NZ$100,000 of pension income
Under the UK–NZ tax treaty, a UK pension paid to a NZ resident is taxed only in NZ, at your normal income tax rates (10.5%–39%), on top of your other income. Without an "NT" code from HMRC, UK tax may also be deducted at source and must be reclaimed. NZ QROPS withdrawals are generally tax-free for NZ residents. Uses 2025/26 NZ tax rates. Illustration only, not tax advice.
Get the free 2026/27 briefing
Nigel Lea
Financial adviser · deVere New Zealand
A 6-page briefing from Nigel Lea, a financial adviser with deVere New Zealand, on UK pensions held by New Zealand residents.
- The three dates that decide most outcomes
- Why the four-year window can't be reopened
- What 6 April 2027 changes for UK pensions
- The four questions that decide whether a transfer makes sense
Nigel will follow up to check it arrived and answer any questions. A first review is free, with no obligation, if you want one.