The MAS Retirement Savings Scheme is a Recognised Overseas Pension Scheme (ROPS) which means it can accept money transferred from UK pension schemes.
However, there are some important things you should know:
- The first port of call with any transfer is to talk to your UK pension administrator to see whether the transfer can take place and what conditions apply. We can help with that.
- The MAS Retirement Savings Scheme can accept transfers from certain UK pension schemes, however, transfers from unfunded public pension schemes such as the National Health Service are not permitted under UK law.
- Depending on your circumstances, transfers from UK pension schemes may incur additional HMRC tax charges or generate a NZ tax liability.
- There are particular restrictions on how and when you can withdraw your investment in the MAS Retirement Savings Scheme if you have transferred a UK pension into it.