The soon-to-be former Prime Minister has farewelled the Queen of England in a phone call this morning.

At a meeting in Warkworth, north of Auckland, John Key spoke of the conversation he had with her Majesty. It will likely be the last conversation between the pair.

"As part of both my outgoing responsibilities and privileges, I rang the Queen to say goodbye," he said.

The pair shared some laughs and the the Queen enquired about Key's future plans.

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"She said to me, 'Prime Minister what are you going to do after this?' And I said 'Well I'm going to be a back bencher for a while'.

"And she said 'Gosh that will be quite an adjustment for you'. And I said 'Yes, I don't suppose you take unsolicited phone calls from lonely back benchers do you'. And she said, in a word, 'No'."