Consultation: Proposed exemptions for advice on UK law aspects of defined benefit pension transfers

December 2025 Update

We have granted a new class exemption that provides five years’ relief to financial advisers in the United Kingdom who provide mandated advice to individuals in New Zealand relating to the withdrawal of funds from safeguarded pensions in the United Kingdom.

We have also published a regulatory impact statement (see link above) outlining the problem we are seeking to address, our objectives, the options and their associated impacts, and the consultation process we undertook before deciding to grant the exemption.

Read the exemption notice

December 2024 Update

After considering submissions in response to our consultation on proposed exemptions, we have decided - in principle - to grant the exemption. The exemption will provide relief to UK financial advice firms from certain FMC Act requirements so they can provide requisite advice to New Zealanders relating to the transfer of funds from UK safeguarded benefits schemes. We will aim to finalise a notice to give effect to this decision in the first quarter of 2025.

We sought feedback on proposed exemptions for UK financial advice firms from certain requirements of the Financial Markets Conduct Act 2013, so they can provide financial advice to clients in New Zealand on the UK law aspects of transferring funds in a UK pension scheme with safeguarded benefits (defined benefits) to a New Zealand qualified registered overseas pension scheme (QROPS).