The over 600 members of the SuperLife UK Pension Transfer Scheme, holding over $130 million, received an email telling them they will be transitioned to the Garrison Bridge Superannuation Scheme, following a change in scheme manager. While this transfer is being presented as the default pathway, it may not reflect the reasons some members originally chose SuperLife—and some key features may be lost in the process.
But that doesn’t mean they’re gone for good. With the right advice and careful consideration, it may be possible to find an alternative that aligns more closely with the original intent.
What Might Be Lost in the Shift?
SuperLife stood out for a few reasons, especially for those who wanted slightly more control over how their pension was invested:
- Relatively Broad Investment Choice
SuperLife offered access to over 40 funds, including a wide selection of Smartshares ETFs. This variety gave members exposure to specific sectors, countries, asset classes, and investment styles. - Customisation
Rather than choosing from a small set of pre-mixed portfolios, members could create their own blend of funds—tailoring a portfolio to suit their individual risk tolerance and goals. - Transparency and Low Fees
Many of SuperLife’s ETF-based funds were designed to be low-cost and simple to understand—an attractive feature for those wanting long-term growth without unnecessary complexity. - Multi-Currency Exposure
Members could choose from NZD, GBP, and other currencies, helping them manage exchange rate risk or plan for international retirement scenarios.
In contrast, the current Garrison Bridge offering is just six diversified portfolios, with only two NZD-denominated options—one conservative and one growth-focused. While this may be adequate for passive investors, it strips away the flexibility that drew many to SuperLife in the first place.
How Much Flexibility Is Actually Being Lost?
Let’s break it down by the numbers:
- Total value of all SuperLife funds: approx. $130 million NZD
- Funds aligned with Garrison Bridge’s NZD options:
- SuperLife Conservative Fund + SuperLife Growth Fund = $22.27 million
- That’s just 16.8% of all funds.
So, over 83% of SuperLife funds are currently invested in options that have no equivalent in the Garrison Bridge scheme. Where is that 83% invested:
- Standalone funds (e.g. US 500, Emerging Markets, Ethica, Asia Pacific): $59.7 million (45.1%)
- Other diversified portfolios (Balanced, High Growth, Income): $40.7 million (30.7%)
- Cash funds (NZ & UK): $7.4 million (6.0%)
- Age Steps funds: $2.36 million (1.8%)
To fill some of this gap Garrison Bridge will offer some new funds that will cover some of the other diversified portfolios and cash funds, but certainly not all the investment choice in Superlife currently.
Can That Flexibility Be Recovered?
In many cases, yes. There are other QROPS providers that still offer:
- Access to ETFs like Smartshares
- Customisable investment portfolios
- Broader international exposure
- Active and passive options
- Currency-specific funds
With the right advice, members of Superlife scheme can evaluate providers that align more closely with their original SuperLife strategy. After all members are having to transfer from one QROPS, SuperLife, to another, Garrison Bridge, so they may as well look at all the alternatives. Moving QROPS once you funds are in New Zealand is a relatively simple affair (especially when compared to the initial transfer of the funds from the UK).
Final Thoughts
For some, Garrison Bridge may be “good enough.” But for others – especially those who made thoughtful investment choices in SuperLife – it may feel like a downgrade.
That doesn’t have to be the end of the story. With the right guidance, you may be able to recreate the same level of control and choice through a different QROPS scheme. If you’re a SuperLife member impacted by the transfer to Garrison Bridge and want to explore whether this change suits your investment goals – or to discuss alternative QROPS options – please contact us directly.
Disclaimer
This article is for informational purposes only and does not constitute financial advice or a recommendation to take any specific action. If you’re considering alternatives to the proposed transfer, speak with an appropriately qualified financial adviser to explore what best suits your circumstances.
