Transferring locked-in UK pension funds from KiwiSaver schemes

From 1 April 2025, ‘locked-in’ UK pension funds in a KiwiSaver scheme can be moved to a New Zealand-qualifying recognised overseas pension scheme (QROPS) when certain requirements are met. This includes any investment returns on the original amount transferred.

Requirements to meet

Before a scheme or person chooses to transfer funds, the QROPS must agree to receive the funds. Once the QROPs agrees, the entire locked-in UK pension amount and any investment returns on that amount must be transferred in 1 transaction.

Locked-in funds are:

• the original amount of UK pension funds transferred to KiwiSaver schemes
• any investment returns on that amount
• received before 17 June 2015
• unable to be transferred to another KiwiSaver scheme without UK tax charges applying.

Providers transferring funds

KiwiSaver providers choosing to transfer funds need the written consent of both:

• the member
• the chosen QROPS that will accept the transfer.

Individuals transferring funds

If you want to transfer funds, you should contact your KiwiSaver scheme provider. We are not involved in this process.

Members choosing to transfer need to:

• get written confirmation from the chosen QROPS that they will accept the transfer
• notify their KiwiSaver provider to transfer the locked-in funds to a designated QROPS.