UK Pension Transfers

Evergreen Retirement Trust (the Scheme) was a registered New Zealand superannuation scheme. The Scheme ceased on 31 March 2023.

On 30th November 2016, the Scheme transitioned to the Financial Markets Conduct Act 2013 and it’s status was changed to a Restricted Legacy Scheme by an Order in Council dated 28th October 2016. The Scheme was closed to new members and was not being offered for new investment.

On 19th November 2012, UK HM Revenue & Customs (UK HMRC) suspended the Scheme from its published QROPS list. Although suspension from the list did not mean that the Scheme was not a QROPS, the recent transition to a Restricted Legacy Scheme meant the Scheme no longer qualifies as a QROP’s. However, all existing rules of the Scheme continued to apply.

The implications for Members were that the Scheme’s funds under management were likely to grow more slowly, and expenses from the Scheme were likely to be higher than would otherwise be the case.

Existing Members who had UK tax relieved funds in the Scheme should note the restrictions on payments that applied to UK pension transfers or transfers of other UK tax relieved funds and how it continued to apply during the Scheme wind up.