Ever transferred a pension?
 

Has anyone ever successfully transferred an employer's pension from the UK to Canada? If you have, who did you do it through?

Re: Ever transferred a pension?
 

What I'm looking for specifically is someone who knows what a Locked-In Retirement Account (LIRA) is and how to set one up to transfer the money over.

For any financial advisers reading this, the investment I'm looking at is under $100K, so don't get excited .... for any other posters with $500K to $1 million to invest, you'll have no problem finding someone to do the hard work for you.

Re: Ever transferred a pension?
 

This is another reason for my caution:"Beware of LIRA/LIF/LRIF Scams!"
http://www.finance.gov.ab.ca/publica...are_scams.html

Re: Ever transferred a pension?
 

Alberta pension transfer guide:
http://www.finance.gov.ab.ca/publica..._transfers.pdf

Re: Ever transferred a pension?
 

Alberta Superintendant's list of authorised institutions:
http://www.finance.gov.ab.ca/publica...f/suplist1.pdf

Employer's pensions in Alberta are locked in, I assume it's the same in the rest of Canada - check the equivalent website if you're looking at other provinces.

I find it interesting that all of the major banks denied all knowledge of being able to open a LIRA for me ... most of them are on the list ... no offence, but very typically Canadian ... it helps a lot if you know what the answer is to the question before you ask it :cool:

Re: Ever transferred a pension?
 

Replying to your own posts now???:)

I Havent done it, but this may help...

http://britishexpats.com/forum/showthread.php?t=215933

Re: Ever transferred a pension?
 

I've been digging on Google ... I thought that I might let you nice folks onboard my train of thought :D

Re: Ever transferred a pension?
 

I had been speaking to a guy at Clarica who lost interest when I said that I didn't want him to manage all of my financial matters ... thanks, but I'm happy with the fee free RRSP/RESP service from TD.

I'll take a look at Investors Group ... the real trouble is finding the one person who knows what they're talking about.

Re: Ever transferred a pension?
 

My Clarica guy isnt at all pushy, I guess it comes down to individuals, plus I think he can sense that if he does get pushy I will jump ship and take what business he does have with me. IG were mentioned in the thread, but I guess any one of those types of firms could help on a good day. It looks more like the attitude of the fund managers on the UK side is more important in accepting the LIRA you set up here anyway.

Re: Ever transferred a pension?
 

The UK revenue have to approve the transfer and that used to be the major hold-up ... it's meant to be simpler nowadays ... if it is, 2005 will be even better :eek:

Re: Ever transferred a pension?
 

Out of interest, why do you want to transfer it? Why not leave it in the UK?

Jeremy

Re: Ever transferred a pension?
 

Fear and loathing of the UK pensions system ... from over here it looks like its pretty much in total disarray and my general faith in the future of the UK was in tatters long before I ever set foot on Canadian soil ... I'm probably being completely irrational, but there are some things that you have to trust to gut instincts ... I'm simply not comfortable with the bulk of my pension sitting in the UK ... it's only my opinion and I'm in not qualified to give financial advice, so this doesn't consitute financial advice in any way ... if you want to know what to do with your UK pension funds, go and speak to a qualified financial adviser.

I came very close to taking a pension with Equitable Life and I know people who did and got burnt ... probably puts my views in perspective.

Re: Ever transferred a pension?
 

Glas I asked this same question many moons ago
I have a UK Civil Service pension, which as most of you will have heard is going to be hit hard by in cutbacks by Gordon Brown over the next few years.

It really bothers me what will happen to it.

I am sure Dingbat had info on what you could do, but never got back to me

See
http://britishexpats.com/forum/showt...light=Pensions

OR

http://britishexpats.com/forum/showt...light=Pensions

Hope this helps

Eddie

Re: Ever transferred a pension?
 

The first thread link you posted contains the final information I got about my pension benefits (also Civil Service). :cool:

Re: Ever transferred a pension?
 

Hi All....Interesting link...I have been wondering about my pension...If I opt for the tax to be paid on it in Alberta...does anyone know what percentage this will be?....The reason I ask is my father in law lives in cyprus and he has his pension from the UK tax deducted by the government of cyprus...this deduction is approx 5%...so he is quids in.
Regards
Frankieforehead :)