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Moved to New Zealand? Don’t leave your pension behind.
The MAS Retirement Savings Scheme is a Recognised Overseas Pension Scheme (ROPS), which means it can accept money transferred from certain UK pension schemes. Generally, transfers from unfunded public pension schemes such as the National Health Service (NHS) are not permitted.
Simplify your finances. Consolidating your assets in one country can help you keep track and stay in control of your funds.
Reduce your exchange rate risk. Saving in the currency of the country you live in may help you reduce your exchange rate risk, which could affect your income in retirement.
Different tax treatment. Once transferred to New Zealand, funds can generally be withdrawn tax-free at retirement age. Please note there will be other tax considerations, and it’s recommended that you seek tax advice.
It is recommended you speak with your UK pension provider to understand if you can transfer your UK pension to New Zealand. Transfers from some UK pension schemes are difficult and others are not permitted under UK law. Transfers from unfunded public pension schemes such as the National Health Service (NHS) are generally not permitted. Check with your pension scheme provider to see if you qualify.
Fees matter. It is important to consider all applicable fees when transferring your UK pension scheme money.
The MAS Retirement Savings Scheme has one transparent fund management fee ranging from 0.25% to 0.99% per annum, depending on the fund chosen. Our fees are among the lowest in the market. The Scheme does not charge additional fees, including for UK pension transfers.
Most UK pension transfers take around 3 months. However, each UK pension transfer is unique. The amount of time it takes to transfer your money will generally depend on the requirements of your UK pension provider.
To get started, you can do the following:
1. Check eligibility to transfer
2. Assess financial implications
3. Start the transfer process
Funds transferred from the UK can be accessed from age 55*. If you become seriously ill, you may be able to access your savings sooner. In the event of your death, your balance will go to your estate, with no death duties applied in New Zealand.
*From 6 April 2028, the minimum age at which benefits can be taken will change from 55 to 57, which may affect when you are able to access your savings.
You should seek UK and New Zealand tax advice if you are intending on transferring UK pension funds. Generally, if you transfer your UK pension to a ROPS within 4 years of moving to New Zealand, you typically won’t have to pay New Zealand tax on your lump sum transfer. Once transferred to New Zealand, the funds can be withdrawn tax-free at retirement age.
However, depending on your circumstances, transfers from UK pension schemes may incur additional HMRC tax charges or generate a New Zealand tax liability. It is recommended that you seek tax advice.
From 1 April 2025, investors with UK pension funds in a KiwiSaver scheme now have the flexibility to transfer to a ROPS product, such as the MAS Retirement Savings Scheme.
With one transparent fund management fee ranging from 0.25% to 0.99% per annum depending on the fund chosen, our fees are among the lowest in the market. The Scheme does not charge additional fees, including for UK pension transfers
The long-term performance of your investment funds makes a big difference to growing your savings, which is why we take an active investment approach.
MAS Advisers are available at no additional cost and can help you select the right fund to achieve your retirement savings goals. You remain responsible for the pension transfer process. Depending on your UK pension provider, you may be required to obtain independent financial or tax advice from a UK qualified adviser.
Everyone has different goals and circumstances. That's why the MAS Retirement Savings Scheme offers 7 funds for you to choose from, so you can find a fund that meets your needs.
It’s easy to manage your account with our MAS Investment Portal. You can see your balance, switch Funds, update your details and more.
As a mutual our Members are a top priority.
“In my 40 years of experience with MAS, 100% of the time claims are paid out quickly and in a considerate way.”
MAS Member
“One of the best things about MAS is that it’s a Member Society, which means I know they’re representing me, rather than looking after their own interests.”
Kristofer Fox, Teacher
“Hands down the best rates on the market we could find.”
Michael Taylor, Musician
“If you’re going to be spending your money and supporting one company over another, you should be putting your dollars where it counts.”
Katherine Reinhold, Lawyer
“The advisors usually come to our house at a time that’s convenient for us to review our policies, review our portfolio, and really tailor-make what's suitable for us.”
Sandra Bennett, GP
“MAS has given me a lot of advice over the years - great advice. They also work hard to provide wellbeing for their Members.”
Tiff Logan, Dentist
Medical Funds Management Limited is the issuer of the MAS Retirement Savings Scheme. The Product Disclosure Statement is available at Retirement Savings Scheme PDS. MAS is a financial advice provider. The Financial Advice Disclosure statement is available at Financial Advice Disclosure - MAS.
Discuss your pension transfer with us