The high operation and maintenance (O&M) costs of wave energy converters are a large impediment to the technology’s development. Magnetic gears present a promising development in this area as, operating through contactless torque transfer, suffer considerably less wear than mechanical alternatives. This paper presents the results of a dynamic analysis of a magnetically geared power take off system that has been designed for use with an oscillating wave surge converter. The results provide a deeper understanding of the behaviour of a magnetically geared system in normal and extreme operation. Particular focus is given to the self correcting behaviour of the system when rotor slip occurs.