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Pension Transfer Process

Step 1

Complete a request for information on this website or feel free to phone on
                         0800 459 3673  (0800 4 Lyfords)

We will e-mail you information about transferring your pension, including our sliding fee schedule – the more your transfer the more we reduce our fees – and send you various forms; an authority to request information, fact finder, contact details of your pension provider, etc.

You will be asked to complete and sign the documentation and return it to us.

 

 

Step 2

When we have received your completed documents we will write to the UK requesting information about your pension.

The pension transfer process starts here. You will have already signed a contract appointing Lyfords to assist you with transferring your pension funds.  You understand that we will assist you to transfer your pension funds and make appropriate investment recommendations.  These recommendations will depend on the size of your funds,  the level of investment complexity and involvement you want to have, and your investor risk profile.

We liaise with the UK providers, follow up on your documents and often telephone the UK to chase them up.  The response time from the UK can be anywhere from 3 weeks to 3 months and sometimes even longer.

 

Step 3

After we receive information about your pensions from the UK

  • If, after receiving transfer details from your UK pension provider, Lyfords determines that it is not in your best interests to transfer your pension we will advise you of this and no fee will be payable to Lyfords.
  • Usually the information from the UK indicates that you will be better off to transfer your pensions.  We then complete as much of the transfer documentation that we can for you, indicate where you need to sign, and assist you to complete your Life Time Allowance declaration.
  • The investment statements and applications will be tailored to your requirements depending on the amount you are transferring and your risk profile.

Some people want to ‘keep it simple’ and invest in say a Balanced fund while others with larger sums to invest want a diversified and personalised investment plan with visible fees, regular reporting, website access and excellent research.

 

Step 4

You sign and return the second set of documents we have sent to you.  We process them and send them to the NZ QROPS provider who authorise and return them to your UK pension provider.

If you elect to invest into a custodial wrap account we will be writing an investment plan for you while your funds are being transferred to New Zealand.  The plan will be based on the size of the funds being transferred, your risk profile and investment time horizon.

Our recommendations for the most appropriate QROPS provider for you will depend on the value of the funds you are transferring and your investment risk profile.

At this time we send you a link to a psychometric risk profiling questionnaire.  There are 25 questions that are answered online.  It takes about 15 minutes to complete.  Your answers will enable us to make investment recommendations based on your risk return profile.  No answer or risk profile is wrong. Some people want their money to be very safe while others want to invest more aggressively. Correct assessment of your risk profile is an important part of the investment advisory process.

NOTE:  You DO NOT pay additional entry fees or investment plan writing fees. 
NOTE:  When your money is transferred to New-Zealand it is paid directly into the QROPS that you have chosen. Lyfords does not have access to your money giving you additional financial security and peace of mind.

 

Step 5

Your money will arrive in New Zealand by a cheque in UK pounds or by an electronic transfer (eft).

If a cheque has been sent it needs to be cleared.  This process will take several weeks as the cheque needs to be returned to the UK.  When funds are transferred via eft, as approximatley 50% are, they are immediately invested based on the recommendations in your investment plan.

 

Step 6

After your pension funds have been transferred what are your expectations for the future?

We are constantly reviewing and researching investment options to ensure you have an up to date investment plan with excellent fund managers who have long performance histories.
You have access to us when you have a question about your investments.  Just send us an e-mail or give us a call.

ABOUT US

Lyfords is an investment management & financial services company managed and run by Alison & Richard Renfrew. The company values individual treatment, experienced advice and has a strong code of ethics across all of its services from financial advice through to retirement planning & pension transfers.

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CONTACT US

0800 4 LYFORDS
0800 459 367
Lyfords UK Pension Transfer
174 Hutt Road, Petone
Lower Hutt 5012