More changes for overseas pension transfers

Recent changes to British law created upheaval in the QROPS market and deregistered KiwiSaver providers from the scheme.

A Qualifying Recognised Overseas Pension Scheme (QROPS) is a scheme that meets requirements set out by Britain’s HM Revenue and Customs (HMRC).

British migrants can transfer their UK pension benefits to the schemes without having to pay an unauthorised payment charge of 55% on the transfer.

There were other changes as well, such as the need for advice at both ends of the deal and a restriction stopping public service pension schemes being transferred, including those of people who had worked in the health system –  a major contributor to New Zealand's British migrant population.