Can I keep my pension in UK Pounds until the exchange rate improves?

Yes some QROPS product providers offer a pounds (Sterling) cash pension transfer service. This is designed specifically for UK pension transfers. It is a lump-sum registered superannuation scheme which is priced in UK pounds, not NZ Dollars, but still qualifies for QROPS status. It is designed for people who want to transfer their pension funds, but for one reason or another want to maintain them in pounds Sterling for the time being, before switching to another investment fund which would then be denominated in NZ Dollars.