Pearce, the last New Zealand man to win the New Zealand Open, has decided to give the game away because of financial pressure and a lack of drive.
The 39-year-old is looking for a job after a professional golf career of 15 years which had plenty of ups and downs.
Pearce said he had been mulling over his future over the past few months before deciding to pull the pin.
''It was a tough decision. But in the end it was the only decision. I could not keep relying on other people to support my golf. I could not keep spending money I did not have. And at the end of the day I was not enjoying it,'' Pearce said.
''The Australian PGA is on next week and I would have got a start in it. But I didn't want to go and put myself through it. And if you think like that then you should just give it away.''
Pearce said he had been set up for a big year but it just did not happen.
''At the start of the year I wanted to give it a good go. I went up to China and played a couple of events up there but financially it was not viable. I've had a disappointing couple of results over the past couple of months. And that was tough.''
He entered both the Perth Invitational and the Australian Open over the past few weeks but failed to make the cut in both events.
''There are a lot of good golfers out there and the quality of golf is very good. With what happened in Australia, it all just came to a head.''
''At Perth, I played pretty solid for two days and missed by one. Then at the Australian Open a couple of things did not go my way and I missed the cut. I just thought, I can't do this any more.''
Pearce said his wife, Sally, and children Zach (14) and Hannah (7) had backed him right throughout his career and continued to do so after making the big decision to step away.
''It was tough but they have always supported me. Then there was all those people who have supported me over the years and having to tell them. But they are completely understanding about what I have done and why I am doing it.''
His son was going into his third year at high school while his daughter missed him when he was away and he felt he needed to be closer to them.
''Plus, I'm still young enough to be able to go and do something else.''
Pearce said there had been plenty of highlights and lowlights over the years.
''Obviously, when you are playing well and winning money then it is a great life. But when you're not playing well and missing cuts and not making a lot of money then it is a hard ask.''
Pearce said he would miss all the great friends he made on the tour. Australians and New Zealanders always got on well together in tournaments.
Winning the 2003 New Zealand Open at the Grange in Auckland was an obvious highlight of his career. Within a few months he won the short-lived Scenic Circle Hotels Dunedin Classic at Chisholm Park. His last win was the 2012 Victorian Jeep Pro-am.
Pearce said he would not go back to the amateur ranks but could possibly enter the senior ranks when he turned 50.
''I'm still pretty emotional about the whole thing. But I'm grateful to be able to have done what 99% of the population have not been lucky enough to do.''
