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Old Nov 5th 2017, 6:59 pm   #1
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Default If QROPS (ROPS) ever return?

If ROPS ever return , and I have read nothing so far, would you be able to move a pension that is already in payment in the UK
I only ask as I have waited and waited for news but at some stage I will need to access my pension in the UK.

I am sure i have read somewhere that as long as a pension is not in payment (in the old days when QROPS were available) then you could transfer it but as soon as you draw against it you couldn't.

This would obviously affect anyone thinking of drawing their UK pension whilst waiting for clarification on whether ROPS will be introduced.

Any info appreciated but i just cant find any reference to what was the old policies on QROPS
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Old Nov 5th 2017, 10:56 pm   #2
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Default Re: If QROPS (ROPS) ever return?

Check the wiki article. It depends what you mean by 'drawing a pension'. So IF / WHEN there are any ROPS schemes in Canada, you could certainly transfer from say a UK income drawdown to a ROPS Canadian RRIF, but you cannot transfer from DB scheme that has tripped over into an Annuity etc.
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Old Nov 5th 2017, 11:35 pm   #3
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Default Re: If QROPS (ROPS) ever return?

Thanks.I was thinking along the lines of a drawdown pension where you are receiving monthly payments from it. Once you start receiving payments are you able at a future date (if ROPS become available) to move it to a Canadian RRIF.

Did not find a link to a wiki article but will try and find it.

DB schemes are not considered annuities are they? They are based on 2/3rds or whatever of your final salary.
However with the funds in your DC pension pot you can elect to have a drawdown pension or purchase an annuity. I understand that once you have an annuity in payment then that can`t be moved.

I think i have read elsewhere that you are moving to Canada permanently from this month so good luck with all the paperwork there.

As an aside I did start another thread asking about tax liabilities on UK drawdown pensions on death. I know a bit somber but I want to get my estate planning right .
I think also read that you have a UK drawdown pension and just wondered if you knew the answer. Can it be transfered to a beneficiary(like an RRSP) or does the total pot remaining become part of the estate (and probably liable to approx 50% tax)
I have asked two tax advisors here and they are just not familiar with UK pension plans.
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Old Nov 6th 2017, 9:02 am   #4
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Default Re: If QROPS (ROPS) ever return?

I know of a few people who have moved income drawdowns where they have taken payments before all accredited RRIFs were withdrawn.

Whether you realise it or not, DB / Final Salary schemes purchase a Compulsory Purchase Annuity on your behalf when you take retirement and it is this CPA that pays your pension. They cant be moved.

It is possible to take a DB transfer value and put it into a UK Personal Pension, you would need advice. Not sure if or how this might work once you have left the UK.

Dunno about death taxation, would be interested myself.
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Old Nov 8th 2017, 5:43 pm   #5
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Default Re: If QROPS (ROPS) ever return?

Defined benefit pensions are funded by employee/employer contributions .
Doesnt have anything do do with having to purchase an annuity. IMHO

A reply on my other thread gives some guidance on beneficiaries to U.K. pension pots.
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