Looking for QROPS personal finance expert
Feb 14th 2017, 2:26 pm
#46
Just Joined
Joined: Nov 2016
Posts: 25
Re: Looking for QROPS personal finance expert
Kentonmag's comments appear to suggest that either HMRC are removing BMO from their list, or that BMO are removing themselves.
The list is updated twice monthly (next due tomorrow), but simply shows carriers who have told HMRC they are (& always will) comply with Q/Rops scheme rules, even if HMRC subsequently change the rules, or worse, retroactively change their interpretation of them.
Aside from the entirely unclear implications for those who have transferred over recent times, the entire scenario is little short of farcical.
The list is updated twice monthly (next due tomorrow), but simply shows carriers who have told HMRC they are (& always will) comply with Q/Rops scheme rules, even if HMRC subsequently change the rules, or worse, retroactively change their interpretation of them.
Aside from the entirely unclear implications for those who have transferred over recent times, the entire scenario is little short of farcical.
Feb 14th 2017, 2:35 pm
#47
Forum Regular
Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: Looking for QROPS personal finance expert
These are the only 3 schemes recognized by the UK as listed on the HMRC website for Company Pension transfers into QROPS.
BMO Nesbitt Burns RSP 527-010 Canada
BMO Private Banking Retirement Savings Plan Canada
BMO Retirement Savings Plan (ADVISOR) 527-016 Canada
I had a meeting yesterday, setup by BMO, with World Source Financial Management. It was at that meeting that the financial advisor told me that the rules have changed.
BMO Nesbitt Burns RSP 527-010 Canada
BMO Private Banking Retirement Savings Plan Canada
BMO Retirement Savings Plan (ADVISOR) 527-016 Canada
I had a meeting yesterday, setup by BMO, with World Source Financial Management. It was at that meeting that the financial advisor told me that the rules have changed.
Feb 14th 2017, 2:37 pm
#48
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: Looking for QROPS personal finance expert
Kentonmag's comments appear to suggest that either HMRC are removing BMO from their list, or that BMO are removing themselves.
The list is updated twice monthly (next due tomorrow), but simply shows carriers who have told HMRC they are (& always will) comply with Q/Rops scheme rules, even if HMRC subsequently change the rules, or worse, retroactively change their interpretation of them.
Aside from the entirely unclear implications for those who have transferred over recent times, the entire scenario is little short of farcical.
The list is updated twice monthly (next due tomorrow), but simply shows carriers who have told HMRC they are (& always will) comply with Q/Rops scheme rules, even if HMRC subsequently change the rules, or worse, retroactively change their interpretation of them.
Aside from the entirely unclear implications for those who have transferred over recent times, the entire scenario is little short of farcical.
IDB37.......please throw a little light on your background ? ...........It doesn't suggest anywhere on the post above that BMO are being removed from the list..........however I have it on good authority that as from tomorrow they wont appear on the list.........therefore I'm intrigued by your sudden rash of posts on this matter ( only 11 posts in general.....10 on this matter )
Feb 14th 2017, 3:05 pm
#49
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: Looking for QROPS personal finance expert
I was wondering if anyone had heard of changes that have supposedly taken place in the last few days regarding transfer of Company pensions from the UK.
My wife turned 60 yesterday and we received her UK Company Pension statement early January. After talking to her pension scheme we asked for a lump sum transfer value to be sent over which we received 3 weeks ago. This value would be good for 3 months to get transferred into a QROPS.
We set up a meeting with BMO as they were the only people left in Canada who can transfer the funds, however when we went to meet with their representative he told us that he had just received a telephone call from head office saying that all new pension transfer requests have been stopped and only those currently in progress can go ahead. He said he had no further details. I have been online in the HMRC and BMO is still listed as the only QROPS???? There is no details anywhere online regarding changes and I tried phoning the HMRC this morning and got passed from department to department (typical) before eventually being told to get in touch with my wifes pension administrators in the UK????
Does anyone have any updates on this issue. My 3 month window is evaporating quickly as it did 2 years ago when we were going to transfer the pension.
My wife turned 60 yesterday and we received her UK Company Pension statement early January. After talking to her pension scheme we asked for a lump sum transfer value to be sent over which we received 3 weeks ago. This value would be good for 3 months to get transferred into a QROPS.
We set up a meeting with BMO as they were the only people left in Canada who can transfer the funds, however when we went to meet with their representative he told us that he had just received a telephone call from head office saying that all new pension transfer requests have been stopped and only those currently in progress can go ahead. He said he had no further details. I have been online in the HMRC and BMO is still listed as the only QROPS???? There is no details anywhere online regarding changes and I tried phoning the HMRC this morning and got passed from department to department (typical) before eventually being told to get in touch with my wifes pension administrators in the UK????
Does anyone have any updates on this issue. My 3 month window is evaporating quickly as it did 2 years ago when we were going to transfer the pension.
My apolgies IDB37...........I didn't see this post above !
Feb 14th 2017, 3:10 pm
#50
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: Looking for QROPS personal finance expert
I was wondering if anyone had heard of changes that have supposedly taken place in the last few days regarding transfer of Company pensions from the UK.
My wife turned 60 yesterday and we received her UK Company Pension statement early January. After talking to her pension scheme we asked for a lump sum transfer value to be sent over which we received 3 weeks ago. This value would be good for 3 months to get transferred into a QROPS.
We set up a meeting with BMO as they were the only people left in Canada who can transfer the funds, however when we went to meet with their representative he told us that he had just received a telephone call from head office saying that all new pension transfer requests have been stopped and only those currently in progress can go ahead. He said he had no further details. I have been online in the HMRC and BMO is still listed as the only QROPS???? There is no details anywhere online regarding changes and I tried phoning the HMRC this morning and got passed from department to department (typical) before eventually being told to get in touch with my wifes pension administrators in the UK????
Does anyone have any updates on this issue. My 3 month window is evaporating quickly as it did 2 years ago when we were going to transfer the pension.
My wife turned 60 yesterday and we received her UK Company Pension statement early January. After talking to her pension scheme we asked for a lump sum transfer value to be sent over which we received 3 weeks ago. This value would be good for 3 months to get transferred into a QROPS.
We set up a meeting with BMO as they were the only people left in Canada who can transfer the funds, however when we went to meet with their representative he told us that he had just received a telephone call from head office saying that all new pension transfer requests have been stopped and only those currently in progress can go ahead. He said he had no further details. I have been online in the HMRC and BMO is still listed as the only QROPS???? There is no details anywhere online regarding changes and I tried phoning the HMRC this morning and got passed from department to department (typical) before eventually being told to get in touch with my wifes pension administrators in the UK????
Does anyone have any updates on this issue. My 3 month window is evaporating quickly as it did 2 years ago when we were going to transfer the pension.
Yes, It appears as from tomorrow, BMO will no longer be on the list.
It will be a case of "watch this space" as there are currently Canadian providers in consultation with the HMRC to be re-instated..........however there is no guarantee if/when this will happen.
Feb 14th 2017, 3:15 pm
#51
Just Joined
Joined: Feb 2017
Posts: 2
Re: Looking for QROPS personal finance expert
As Said earlier, if you want to transfer your DB pension and have a limited window then it can be transferred to a QROPS outside of Canada. You will still be able to receive income in CAD and, should Canadian QROPS become available again, transfer at a later date having secured the CETV benefits.
Feb 14th 2017, 3:32 pm
#52
Forum Regular
Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: Looking for QROPS personal finance expert
Mark....Based on your knowledge of the system, and under the circumstances, do you think they would allow for an extension of my wife's 3 month window for the completion, should a different Canadian institution be accepted. It is not the end of the world since my wife is still working over in Canada but because a woman's retirement age in the UK was 60 years old when she signed into the Pension the GMP portion growth of 7 1/2% disappears going forward so the only growth will be the RPI portion of around 2%. I suppose we could gain on the currency conversion with the pound being so weak since Brexit.
Last edited by Kentonmag; Feb 14th 2017 at 3:36 pm.
Feb 14th 2017, 3:47 pm
#53
Just Joined
Joined: Nov 2016
Posts: 25
Re: Looking for QROPS personal finance expert
I'm just an interested observer mjw, having watched the Q/Rops saga unfold over the last decade or so.
The subject is intriguing and I've researched it in depth, despite this being akin to nailing Jello to the wall, but have yet to find any explanation as to how the self certification list can possibly offer any protection whatever to the consumer.
If BMO are indeed removed (or have removed themselves) from the list, that simply highlights my concerns further, i.e. what is the status of Pension Transfers made by Pension holders, in good faith, to BMO, especially since November, when they became the last name on the list ?
What does the list actually mean ? What will any new list mean ? What is the point of a list that can come and go like the wind, with no-one being able to control what interpretation HMRC place upon whether or not any one carrier is meeting the rules ?
That the above q's cannot, at least i.m.h.o., be answered satisfactorily, coupled with the massive potential fines for non-compliance, seems utterly nonsensical to me, and I remain wholly unclear on how Joe Public, is supposed to protect him/herself.
The subject is intriguing and I've researched it in depth, despite this being akin to nailing Jello to the wall, but have yet to find any explanation as to how the self certification list can possibly offer any protection whatever to the consumer.
If BMO are indeed removed (or have removed themselves) from the list, that simply highlights my concerns further, i.e. what is the status of Pension Transfers made by Pension holders, in good faith, to BMO, especially since November, when they became the last name on the list ?
What does the list actually mean ? What will any new list mean ? What is the point of a list that can come and go like the wind, with no-one being able to control what interpretation HMRC place upon whether or not any one carrier is meeting the rules ?
That the above q's cannot, at least i.m.h.o., be answered satisfactorily, coupled with the massive potential fines for non-compliance, seems utterly nonsensical to me, and I remain wholly unclear on how Joe Public, is supposed to protect him/herself.
Feb 14th 2017, 3:56 pm
#54
Forum Regular
Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: Looking for QROPS personal finance expert
In answer to one of your questions, I was informed by the BMO representative yesterday that all transfers currently in progress will be honored but no new transfer requests can be started.
Feb 14th 2017, 4:01 pm
#55
Just Joined
Joined: Feb 2017
Posts: 2
Re: Looking for QROPS personal finance expert
Kentonmag, the pension company will not allow an extension. I have been through this before and you can have the CETV recalculated but will have to pay a fee. You are allowed one CETV calculation per year so if you are not prepared to pay a fee you will have to wait 11 months if you miss this window.
Feb 14th 2017, 4:08 pm
#56
Forum Regular
Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: Looking for QROPS personal finance expert
SIB526 thank you for your reply. Hopefully this all get's resolved in the next couple of years, having the transferred value over here as apposed to getting the derogatory weekly/monthly pension is a no brainer.
Feb 14th 2017, 6:07 pm
#57
Seasoned Maritimer
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Re: Looking for QROPS personal finance expert
Does it matter any if one is already with BMO and have been for some years ?
Feb 14th 2017, 10:46 pm
#59
limey party pooper
Joined: Jul 2012
Posts: 9,982
Re: Looking for QROPS personal finance expert
Our finance person contacted BMO and they confirmed that they were no longer doing transfers. Brexit was one of the reasons and the over 55 thing
Feb 14th 2017, 11:00 pm
#60
Forum Regular
Joined: Feb 2017
Location: St Catharines, Ontario
Posts: 115
Re: Looking for QROPS personal finance expert
It is strange that they would use the over 55 years old stipulation as a reason, that has been there for along time. With BMO having exclusive rights to UK pension transfers into Canada I would think it was a reasonable money-spinner for them. I know what I would have been transferring in the next 24 months and it certainly isn't chump change. To me it smells of BMO not complying with the rules and being found out.