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New Canada QROPS Provider (at last!)

New Canada QROPS Provider (at last!)

Old Sep 16th 2019, 12:32 pm
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Default New Canada QROPS Provider (at last!)

Look what's appeared on the Gov UK Pension Site this morning - https://www.gov.uk/guidance/check-th...on-list#canada
Hopefully this will be the catalyst for the other providers to open their Pension Schemes again.

Changes for Canada at 16 September 2019

ROPS name - AG Saving and Retirement Plan RRSP-QROPS
Change -
Added

Last edited by cheesycheese; Sep 16th 2019 at 12:34 pm.
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Old Sep 16th 2019, 1:34 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by cheesycheese View Post
Look what's appeared on the Gov UK Pension Site this morning - https://www.gov.uk/guidance/check-th...on-list#canada
Hopefully this will be the catalyst for the other providers to open their Pension Schemes again.

Changes for Canada at 16 September 2019

ROPS name - AG Saving and Retirement Plan RRSP-QROPS
Change -
Added
Wonderful! At long last!

Now hoping others will climb on board, especially someone with a good RRIF scheme!​​​​​​​
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Old Sep 16th 2019, 5:49 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Hurlabrick View Post
Wonderful! At long last!

Now hoping others will climb on board, especially someone with a good RRIF scheme!
​​​​​​​was lucky I was able to move mine to BMO Nesbitt before the cut off time
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Old Sep 17th 2019, 2:57 am
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Default Re: New Canada QROPS Provider (at last!)

IS there an information thread on this? I don't really understand the whole QROPS thing.
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Old Sep 17th 2019, 4:27 am
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by NavyBoy View Post
IS there an information thread on this? I don't really understand the whole QROPS thing.
What are you unsure about? I used to transfer pensions from the UK (for QROPS) when I worked for some FA's

We do have one section about QROPS in the wiki - it may be a little out of date.. https://britishexpats.com/wiki/Trans...ions_to_Canada
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Old Sep 17th 2019, 10:18 am
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Default Re: New Canada QROPS Provider (at last!)

Anybody dealt with them yet? I will be pulling my pension from Shell next April, and this is great news. I hope it all works out.
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Old Sep 17th 2019, 12:20 pm
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Default Re: New Canada QROPS Provider (at last!)

iA appear to be a large and reputable company?
No info on this scheme on their website though - not that I could find anyway.
Suspect if one contacts the local representative the initial response will be "What's QROPS...." :-)
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Old Sep 17th 2019, 3:59 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Siouxie View Post
We do have one section about QROPS in the wiki - it may be a little out of date.. https://britishexpats.com/wiki/Trans...ions_to_Canada
I wrote most of that. It is in date and still correct. At least now there is a QROPs transfer provider in Canada now suitable for DC pension transers from the UK.
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Old Sep 17th 2019, 6:29 pm
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Default Re: New Canada QROPS Provider (at last!)

WealthSimple has tole me that they are trying to get on the list too.
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Old Sep 17th 2019, 9:29 pm
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Default Re: New Canada QROPS Provider (at last!)

O to live in Australia!
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Old Sep 17th 2019, 9:35 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Almost Canadian View Post
O to live in Australia!
Australia went through the same th8ng as Canada about 9 or 10 years ago. ALL (and I do mean ALL) Australian QROPs schemes were removed fro the list. But AUS providers were quicker off the mark than Canadian providers, a new approved schemes started to appear within 12 months. No they are back to having loads of them again!
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Old Sep 17th 2019, 11:36 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Hurlabrick View Post
I wrote most of that. It is in date and still correct. At least now there is a QROPs transfer provider in Canada now suitable for DC pension transers from the UK.
Yes it is very encouraging and like you said let's hope it opens the floodgates for others to get back on there. How do you go about confirming they are a ROPS? I see the warning that it's still our responsibility to check that out.
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Old Sep 17th 2019, 11:37 pm
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Default Re: New Canada QROPS Provider (at last!)

That was my thoughts it may take time for their consultants to be trained on this etc....
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Old Sep 17th 2019, 11:41 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by aerobar104 View Post
Yes it is very encouraging and like you said let's hope it opens the floodgates for others to get back on there. How do you go about confirming they are a ROPS? I see the warning that it's still our responsibility to check that out.
Very easy. Just google 'hmrc qrops list' and check the entries for Canada (ROPS link also in wiki article). Technically, it is now the ROPS list and not QROPS.

In any event, your UK pension company will also check ROPS when you apply for a transfer to Canada, but of course you need to be sure yourself before you waste everyones time. Your UK provider will only ttansfer to approved schemes already on the ROPS list.

Last edited by Hurlabrick; Sep 17th 2019 at 11:43 pm.
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Old Sep 17th 2019, 11:50 pm
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Default Re: New Canada QROPS Provider (at last!)

Yeah OK so it would be Shell that I would be dealing with, I think I do remember seeing questions on their documentation regarding the legibility. Thanks for the info!
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