How do I get started?
Get started immediately by getting in touch via our contact form.
What information do I need to start the transfer process?
Simply complete the contact form. This consists of a few personal details (name, phone number) and a small amount of information about your pension.
What are the transfer fees?
There may be fees payable on the transfer of your pension from the UK, check with your licensed financial adviser.
Where, and how, do you invest my money?
The Switch Super offering has three investment options: – Growth, Balanced and Conservative funds all managed by Simplicity NZ Limited.
The risks, benefits and investment strategy differ for each fund. Your licenced adviser will ensure you are provided with all the information necessary to make an informed investment choice. SwitchSuper is provided by Saturn Invest Ltd which manages the Portfolio Superannuation Scheme (PSS). PSS is a registered superannuation scheme with the FMA. More information can be found at https://disclose-register.companiesoffice.govt.nz/.
How long will the transfer process take?
Each pension transfer is treated differently as everyone has different circumstances.
The rule of thumb is, a normal UK pension transfer will take between three to eight months. The most common delay is the time it takes the UK pension provider to arrange transfer papers and confirm transfer figures.
For NZ based superannuation transfers, once your current scheme provider has accepted the transfer forms we would expect you to be invested in our scheme within a month.
Can I access my money now?
In most cases, you can’t access your money until you’re at least 55. However, withdrawals before then are permitted in some limited special circumstances, such as if you suffer from a terminal illness.
Do I need to pay tax on my UK pension transfer?
Possibly, but if you’ve been in New Zealand for less than four years you may not need to. Your licensed financial adviser will be able to advise you further if you are outside of the four-year period.
What are the SwitchSuper annual fees?
The Total Annual Estimated Fund Charges comprise:
- Manager’s fee
- Other administrative charges include the platform/custodial fee and supervisor’s fee
- Fees and charges applicable to any Authorised Investment held in the Member’s Personal Plan.
For instance, SwitchSuper fees can be broken down as follow:
- Manager’s fee and other administration charges: 0.60%
- Underlying fund manager’s fee: 0.25%
Which means that the total fees paid are 0.85% per year.
What does QROPS stands for?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas scheme able to accept transfers from the United Kingdom’s registered pension schemes and listed on HMRC’s website. The list of New Zealand based QROPS can be found here.