Existing pension in UK
 

Hello ,

I am relocating from to UK to Calgary through intra-company transfer.

I have two pension pots in different schemes in UK. One is with current employer and the other one a personal SIPP.

I intend to leave them as such and do not contribute further but keep the investment fund ongoing. Would there be any implications (tax or otherwise on these)?

Thanks

Re: Existing pension in UK
 

Just to clarify, I would not be withdrawing any amount from the existing UK pension pot so income being withdrawn from it.

Thanks

Re: Existing pension in UK
 

If the value of the fund is $100,000 or more you will have to file a T1135 with your tax return each year. This link provides details: Questions and answers about Form T1135 - Canada.ca

Re: Existing pension in UK
 

Not required. Pension plans fall under an exception from T1135 reporting.

Re: Existing pension in UK
 

There will be no implications in terms of tax until you start drawing.

Many UK SIPPs limit participation by Canadian residents but if you are already with the scheme then you should be grandfathered.

Re: Existing pension in UK
 

I am happy to defer to your greater knowledge but, in the questions and answer section, it states that TFSAs and RRSPs are exempt. I don't know whether the OP's plans would comply with the "registered plan" part of the Canadian legislation but, as the penalties for non compliance are so severe, I would err on the side of caution if I was the OP.

Re: Existing pension in UK
 

You need to look at the Income Tax Act. UK (and other foreign) pensions fall under the definition of the "exempt trust". https://laws-lois.justice.gc.ca/eng/...-20130626.html and https://laws-lois.justice.gc.ca/eng/...-20130626.html

If you enjoy filling in redundant forms; then I can offer lots - for your heart's content.

Re: Existing pension in UK
 

Thank you.