BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers ATM
#1
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Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
BMO kicked off UK QROPS listing - nowhere left in Canada for UK Pension transfers ATM
As predicted yesterday BMO have been booted off the new UK QROPS listing for the transfer of Company pensions to Canada from the UK.
2 days ago I met with a BMO representative to get my wifes Company Pension transferred after getting her transfer total supplied. The BMO advisor said he had received a call 10 minutes prior to our meeting saying he could not carryout our transaction due to changes coming from the UK. Now we know what those changes are.
For those that have already started the process with BMO I am informed your transactions will be honored but no new transactions can be started.
2 days ago I met with a BMO representative to get my wifes Company Pension transferred after getting her transfer total supplied. The BMO advisor said he had received a call 10 minutes prior to our meeting saying he could not carryout our transaction due to changes coming from the UK. Now we know what those changes are.
For those that have already started the process with BMO I am informed your transactions will be honored but no new transactions can be started.
Last edited by Kentonmag; Feb 15th 2017 at 10:40 am.
#2
Re: BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers AT
Someone on this forum recently mentioned that some Canadian providers are interested to register with HMRC for QROPS transfer so lets cross our fingers and watch this space.
#3
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Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers AT
We will wait another year and see if conditions change, we are both still working so it's not like we need the money yet.
Last edited by Kentonmag; Feb 17th 2017 at 11:50 am.
#4
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Joined: Jun 2016
Location: Oakville, On
Posts: 6
Re: BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers AT
Until CRA and HMRC determine the new rules then QROPs will not be allowed in Canada. BMO was only allowed to keep their QROPs open because they were specifically for individuals over 55, the HMRC criteria, until they lent out funds for an HBP and had to report it! There are a number of firms that are trying to get back into this space as there is significant demand. Keep an eye out of the HMRC website on the 15th/16th of each month, as this is the time they post their list of QROPs.