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.
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One low fee ranging from 0.25% to 0.99% p.a
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Actively managed investments which aim to outperform the market
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Choose from a range of 7 different funds
Reasons to consider transferring your UK pension to NZ
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 Once transferred to New Zealand, funds can generally be withdrawn tax-free at retirement age.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.
Frequently asked questions
Can I transfer my pension?
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.
What are the fees?
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.
How long will it take to transfer my UK pension to New Zealand?
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.
How do I get started?
To get started, you can do the following:
1. Check eligibility to transfer
- Firstly, it’s important to check with your UK pension provider that your pension is eligible to be transferred.
- You will need to select a New Zealand scheme that is registered with the HMRC as a Recognised Overseas Pension Scheme (ROPS), such as the MAS Retirement Savings Scheme.
2. Assess financial implications
- Obtain a pension valuation from your UK provider.
- Potential impact of any fees or tax liabilities in the UK or New Zealand.
- Seek any financial and/or tax advice needed to compare the benefits of transferring your pension out of the UK.
3. Start the transfer process
- You will need to request the necessary transfer forms from your UK pension provider.
- If you would like to transfer your UK pension to the MAS Retirement Savings Scheme, you can join online.
- Once you are a member of the Scheme, and have completed your UK pension transfer forms you can email the completed forms to masinvest@linkmarketservices.com. We can then let you know next steps. You need to be a member of a ROPs scheme before you send your completed transfer application back to your UK pension provider.
When can I access my savings?
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.
What are the tax implications of transferring my UK pension?
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.
What happens if I have UK pension money in my KiwiSaver scheme?
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.
Why choose MAS?
Competitive fees
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
We aim to outperform
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.
Advice at no additional cost
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.
We have a diverse range of 7 funds to choose from
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.
Easy account management
It’s easy to manage your account with our MAS Investment Portal. You can see your balance, switch Funds, update your details and more.
Our investment approach
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.
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.