The vacuum created by the striking off of Australian superannuation schemes from the QROPS list has led many foreign advisers to offer Australian residents UK pension transfers to Malta or Gibraltar based schemes. Unfortunately the offer of such schemes is not allowed under Australian Securities regulations, which are very stringently designed to protect Australian residents.
If you live in Australia you can only transfer into a scheme registered in Australia
In order for any scheme to accept funds from an Australian resident it must be registered in Australia. Fortunately for New Zealand schemes they can apply for registration in Australia under the mutual recognition agreement that exists between New Zealand and Australia. This is allowed because ASIC (the Australian Securities and Investments Commission) recognises the strong regulatory environment in New Zealand and that NZ QROPS protection is high. The NZ QROPS protection has been created by the Financial Markets Authority (FMA) and the transparent and open offer documents and reporting that is required by New Zealand superannuation schemes.
For your protection you should only ever transfer your UK pension into a NZ QROPS scheme that is registered on the mutual recognition register or an Australian QROPS (if you qualify).
You get double NZ QROPS protection from both two complaints bodies
For a New Zealand QROPS to be registered with ASIC on the mutual recognition register it must maintain a membership with the Australian Financial Services Ombudsman. This gives Australian residents an outlet to complain and seek redress in Australia. This is over and above the protection that must be offered through New Zealand’s rigorous disputes resolution process – which every superannuation scheme in New Zealand must be a part of.
So essentially when you transfer your UK pension to a New Zealand QROPS you get double the protection. Whilst still getting all the benefits of a New Zealand QROPS.