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Alexander Peter Wealth Management: any comments?

Alexander Peter Wealth Management: any comments?

Old Dec 3rd 2019, 3:58 pm
  #61  
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Default Re: Alexander Peter Wealth Management: any comments?

Well with the greatest respect Siouxie the rules in the UK for release of DB pensions a couple of years ago compared to what they are now is an entirely different matter! Trust me, it is very complex, and if the Canadian Adviser isn't very familiar with the UK rules with access to a UK registered Transfer expert to complete ceding trustee requirements - it wont happen!
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Old Dec 3rd 2019, 4:01 pm
  #62  
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Default Re: Alexander Peter Wealth Management: any comments?

Originally Posted by CliveSD View Post
Well with the greatest respect Siouxie the rules in the UK for release of DB pensions a couple of years ago compared to what they are now is an entirely different matter! Trust me, it is very complex, and if the Canadian Adviser isn't very familiar with the UK rules with access to a UK registered Transfer expert to complete ceding trustee requirements - it wont happen!
They WILL be very familiar with the UK rules etc., otherwise they wouldn't be in the business of transferring pensions.. duh! Are you sure you're not touting for business?

Last edited by Siouxie; Dec 3rd 2019 at 4:08 pm.
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Old Dec 3rd 2019, 4:17 pm
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Default Re: Alexander Peter Wealth Management: any comments?

It is very difficult to have the UK DB scheme / provider agree to a DB transfer-out of anything other than a trivial value (as the transfer is usually to some sort of DC scheme) without the customer first receiving UK licenced advisers advice (be it to a ROPS Canadian scheme or even to another UK SIPP or Personal Pension!). Good luck if you think you can do a DIY transfer-out from a DC scheme these days (although in reality the employer sponsoring the DB scheme will be rejoicing and would love it if all of their liabilities could be so easily disposed of - all to do with chronic / endemic funding gaps in 'funded' DB scheme)!

Likely as not, you will have to engage a UK Adviser as regards transferring out of a DB scheme at all, then a Canadian FA to sort the transfer-in via ROPS (if that is what you want to do).

I am assuming you want to move to a Canadian scheme. Otherwise, there are other FA's that could help to do both the transfer-out and a transfer-in to an International SIPP.
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Old Dec 3rd 2019, 4:44 pm
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Default Re: Alexander Peter Wealth Management: any comments?

Great, pass me their details and I'll check them out.
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Old Dec 3rd 2019, 6:01 pm
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Default Re: Alexander Peter Wealth Management: any comments?

Just to go through a couple of the points above, IA and IAC are still in the process of completing their "back office" ( processing, paperwork etc etc ) requirements to make sure everything goes smoothly once they start accepting business. I have been told that they should start accepting business around the 6th December, but that is subject to change and I will update here if that date changes. In answer to CliveSD's comments, as its been almost nearly 3 years since they stopped accepting UK pension transfers into Canada , another few weeks to make sure they have all their ducks in a row shouldn't cause people too many problems.

In regards to anyone that resides in Canada and holds a Defined Benefit pension plan in the UK, the principles have not changed from before, and HURLABRICK has summed up the process succinctly. If the pension has a CETV of $30k or above, advice is REQUIRED from a UK based FCA qualified advisor............again this has not changed from previous to when QROPS was available in Canada. And as before, there are a number of establised UK pension transfer companies based in Canada that helped expats previously, both on the east coast and the west coast, that had connections in place with UK based advisory firms to provide the required advice on the "UK" aspect of the transfer, before then helping the clients transfer the pension into Canada, which is very much to SIOUXIE's point.......it doesn't have to be made "complicated" as is being expressed by some individuals, although in fairness, it isnt as straightforward as dealing with a "personal" pension transfer. Ultimately there are established companies in Canada that can help clients with DB pensions in the UK, that have the "UK" connections and knowledge to guide the clients through the process.
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Old Dec 3rd 2019, 6:07 pm
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Default Re: Alexander Peter Wealth Management: any comments?

Again, great, we all agree the process, but STILL no-one comes up with a firm that can offer advice in Canada..
So does anyone have one?
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Old Dec 3rd 2019, 6:33 pm
  #67  
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Default Re: Alexander Peter Wealth Management: any comments?

Originally Posted by CliveSD View Post
Again, great, we all agree the process, but STILL no-one comes up with a firm that can offer advice in Canada..
So does anyone have one?
There are many. If you would like to ask your "friend" to join and post I'm sure someone will be happy to recommend.
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Old Dec 3rd 2019, 7:22 pm
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Default Re: Alexander Peter Wealth Management: any comments?

I am an advisor in Canada and I transferred my own UK pension from RBS in UK in 2014- I followed my firms paperwork requirements and called RBS pensions dept in UK to make sure we had all our ducks in a row. It really wasnt hard.

More up to date info:


https://www.advisor.ca/columnists_/j...ion-to-canada/

Last edited by shelley748; Dec 3rd 2019 at 7:47 pm.
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Old Yesterday, 9:14 pm
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Default Re: Alexander Peter Wealth Management: any comments?

As per my post that IA were looking to "Go Live" on the 6th December for QROPS transfers...........that now appears to be the case as I've just received the following :



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Old Today, 12:32 am
  #70  
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Default Re: Alexander Peter Wealth Management: any comments?

Furthermore, I A Clarington have now updated their website today in regards to accepting QROPS transfers..........


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