The Transfer Process

If you decide to transfer your British pension into a UK SIPP or NZ QROPS, you could gain access to your money entirely in a lump sum (if preferred /required) and as efficiently as possible, potentially mitigating tax liabilities in both the UK and New Zealand.

Due to the amount of admin involved, a pension transfer takes several months. The impact of a global pandemic on international postal systems has not helped.

However, to try and streamline the overall process and alleviate some of this stress, GBPensions now has a postal drop-box and telephone service in England. This admin service means that UK companies can send the paperwork to a mainland UK address, our admin manager can then scan those documents to us in Auckland, and we can get to work while the hard copies are on their way. You can read more about this service on GBPensions’ blog page.

The Transfer Process

Step One

You get in touch with GBPensions

Step Two

Tony chats through the overall situation with you and, if you wish to investigate further, asks for authority to seek detailed info from your UK scheme/s. (Remember, you’re under no obligation to proceed by asking us to do this.) Potential involvement of a UK Pension Transfer Specialist (PTS) is explained.

Step Three

GBPensions requests a current transfer value and discharge papers from the UK scheme. Once received, these are used to help weigh up the viability of transferring, based on your specific circumstances. If required, a UK PTS will be instructed to assist in the advice process.

Step Four

If you decide to go ahead with a transfer, GBPensions collates all the required paperwork and sends this to the UK SIPP or NZ QROPS for onward submission to the UK. Liaison with any UK PTS is maintained.

Step Five

The funds are received and invested accordingly.

We promise to do the leg work for you, try to make the whole process as straightforward as possible, and never expect you to fill out reams of paperwork!

Get in touch

“Great team, great job. How could I have done it myself? With three different schemes to sort out, each needing tons of paperwork, calls and signatures(!), I was so relieved that I’d approached GBPensions. Thank you, Tony and team, for making it easy-peasy.”