dgagitw

Seems to be topical right now. I've decided to move my UK personal pensions into an RRSP and it looks like BMO & CIBC both have QROPS approved accounts that fit my specification. I tried asking about this in branches but got bemused looks from the staff. Does anyone have a direct contact name within either organisation in Toronto that might be able to help?

mjwalker007

Unfortunately you will find that although large companies are on the QROPS list, you will find very few people within the branches that specifically deal with UK pensions.A large organisation such as BMO will not train its frontline staff on the rules and regulations regarding UK pensions and QROPS, however you may find someone within these companies that has specifically decided to concentrate on QROPS.

Also it is important that the person you are dealing with has a full understanding of QROPS and not just from the Canadian RRSP perspective.Again this seems very topical at the moment based on other threads on this site.

There are a few companies that specialize with UK pension transfers within the Ontario area, and as they have the knowledge of the UK system and QROPS , you may be better speaking with a representative from one of these companies.

dgagitw

Understood all that, hence my question...

My inclination is to view that as an absolute last resort - I'd rather not hand over a pile of money to someone to fill in a few forms for me if there's an alternative.

mjwalker007

I hope you find the help you are looking for

dgagitw

Thanks. By random chance, I've just been forwarded the name of someone at BMO who is rumoured to have done a QROPS transfer for someone I vaguely know... Will see how it goes.

chumley

be aware new law changes form april 2012 re uk tax and reporting obligations

dgagitw

I'm aware thanks. I have no intention of taking any money out of my pension for at least the next 20 years, I just want to transfer it closer to home.

tomtatew

I am transfering my pension from UK through a broker with BMO, to what changes do you refer? My broker has not mentioned anything to me.

Thanks

mjwalker007

QROPS rules are changing as from April 5th 2012.

I would consult with your broker as he/she is handling the pension transfer for you and should be aware of the forthcoming changes.

baby

.....just be careful, the new legislation comes in force in April 2012 and they apparently want to restrict such pensions transfers...so I hear