Wendy E

Hi,
I moved to the Niagara region a year ago with hubby and 2 kids. Prior to that I worked in London UK for some 20+ years and built up a sizeable company pension. I would like to move it out of uk to a pension scheme in Canada but good old Blighty seems like they want to stop you doing that.
Has anyone managed to succesfully do this? I asked my Bank here (RBC) about it as I have set up an RSP with them and would like to have shifted it into that. RBC said they stopped dealing with UK pensions as UK were just making it more and more prohibitive and difficult to do.
Does anyone know if there are there any other financial institutions in Canada that can be used for this purpose or ways of getting my pension out of out of UK?
Wendy.

Atlantic Xpat

Do a search here (check out the police pensions thread) as this has been discussed on the main forum before. Bottom line is I think until recently there were no Canadian schemes in the 'QROPS' (Qualifiying overseas pension schemes) programme from the Inland Revenue. There are now a number of 'locked in RRSPs' that qualify. I did discuss this briefly with my bank (Scotiabank) today and the financial advisor said it certainly was something they could help with. I think the rules have changed recently so we are all seekers after knowledge on this one. Shared information is therefore very useful!

AX

MarkG

Indeed... I suspect a lot of us want to know how to do this before Gordon Brown steals all our remaining pension money .

jempee

We have a pension in Uk that we can no longer pay into as we are no longer UK residents and when we asked if we could move it over here or cash it in ...........they said no. NOW they are taking money from that we have accumulated as we are no longer paying the monthly debits. Go figure

Frank'n Sense

Hi Wendy,
I have an article coming out in my newsletter next week on this subject - moving occupational pensions to Canada. It was actually written by Ron Craig of http://www.transatlantictransfers.com/ - so I suggest you have a look at his site. His article (in my newsletter) says that the rules have recently changed and that:
"Under new rules, as long as the plan has not started to pay out, eligible UK pension funds can be transferred to a Canadian RRSP without affecting future contribution limits. The funds are transferred to an RRSP, without the deduction of UK tax, and stay sheltered from Canadian tax until you withdraw the funds in retirement."

I hope this helps.

Warmly,

Frank

Atlantic Xpat

Frank, I'd be very interested in reading the article but don't particularly want to sign up for your newsletter. (Being about as far away from you in Canada as it's possible to be ). Would it be possible to post a link/copy/email me a copy when it comes out?

Thanks,
AX

printer

Wendy

See some more info from my post # 7 in this thread.
At the time of receiving the info from Inland Revenue there were no qualifying schemes but as AX has said there are now schemes available in Canada which qualify but not that many at present.

http://britishexpats.com/forum/showthread.php?t=398841

excdncop

A good friend of mine has been doing pension transfers for ex-pats for quite some time now. I have a lot of friends who have used him and they all say he does a great job. He has assisted people right across Canada. If you would like his information, send me an e-mail and I will pass it along.

Wendy E

Thanks so much for all of the replies on this. They have been of great help and I'm getting right on with it, as I have a time limit on transferring it or I cannot apply then for another 2 years.
I'll let you know if I am successful.
Wendy.

brianlew88

Hi Wendy,

I have some information for you regarding UK pension transfers. You can email me directly and I will provide you with whatever details you would like.

Thanks Wendy and speak to you soon,
Brian

claire bob and matt

Help! Does that mean I could move my NHS pension, I'm gonna work for Calgary Health?
C

Piff Poff

Hi, we have successfully managed to move 3 pensions since we have been here but have met a stumbling block with the last two as the rules have changed - our pension person this end is having trouble getting round it, hopefully she'll have some good news before long and our last lot of money will be with us in Canada.

Frank'n Sense

Hi AX,
I will send it to you next week if you send me an email to remind me. The wet coast is not for everyone!

Frank

Pamela 1

As I understand it, a UK Pension paid into Canada is frozen at the amount you are getting now. When there are increases in UK you don't get them.

Is that still the case?

Pamela 1

Sorry, I just realized you are talking about a company pension, but I think for the 'old age' seniors pension it is frozen at the current rate or receipt.