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BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers ATM

BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers ATM

Old Feb 15th 2017, 10:31 am
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Default 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.

Last edited by Kentonmag; Feb 15th 2017 at 10:40 am.
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Old Feb 17th 2017, 2:34 am
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Default 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.
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Old Feb 17th 2017, 11:45 am
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Default Re: BMO kicked off UK QROPS listing - nowhere left in Canada for Pension transfers AT

Originally Posted by Edo
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.
My wife only has 8 weeks left on her allotted 3 month window to sort her transfer out so it will be to late for her this time around. The only real issue is the fact that she has hit 60 years old, and going forward the GMP portion of the pension which has been going up every year at 7.5% stops. the only increase will be the retail price index on the smaller part of the pension of approximately 2%.
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.
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Old Feb 25th 2017, 2:56 pm
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Default 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.
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