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New Canada QROPS Provider (at last!)

New Canada QROPS Provider (at last!)

Old Sep 18th 2019, 12:00 am
  #16  
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by aerobar104 View Post
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!
technicaly, it will be the pension provider that Shell have almost certainly outsourced to that will do the checking (I used to work in UK Life and Pensions back office administration).
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Old Sep 18th 2019, 12:53 am
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Hurlabrick View Post
technicaly, it will be the pension provider that Shell have almost certainly outsourced to that will do the checking (I used to work in UK Life and Pensions back office administration).
Ahh ok I will just be delighted to get it moved over to Canada. I will have to start reading all the ins and outs.
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Old Sep 18th 2019, 12:56 am
  #18  
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by aerobar104 View Post
Ahh ok I will just be delighted to get it moved over to Canada. I will have to start reading all the ins and outs.
Yes. My wife has a couple of smaller personal pensions in the UK, but we will wait until some sanity is restored to the GBP / CAD exchange rate. I have no choice until an RRIF appears on the list, but would judge the exchange rate too as regards timing.
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Old Sep 18th 2019, 3:57 am
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by aerobar104 View Post
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!
A good FA should be able to contact your pension holder on your behalf and arrange the transfer (with some signatures from you on documents).. it used to take me approximately 6-8 weeks from first contact with the pension provider to arrival of the funds in Canada... also dependent on the mail system in some cases.. however it sometimes took many phone calls to the right people to get things moving. Govt / NHS pensions were the biggest pain to deal with..

Last edited by Siouxie; Sep 18th 2019 at 4:00 am.
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Old Sep 18th 2019, 4:24 am
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Default Re: New Canada QROPS Provider (at last!)

Yeah I will investigate what need to be done. Im not 60 until May 22nd so I have time, and there may be others on the list by the time I'm ready.
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Old Sep 18th 2019, 4:26 am
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Hurlabrick View Post
Yes. My wife has a couple of smaller personal pensions in the UK, but we will wait until some sanity is restored to the GBP / CAD exchange rate. I have no choice until an RRIF appears on the list, but would judge the exchange rate too as regards timing.
Yeah I wonder how long that will take. What would you consider to be a good exchange rate? The more in our favor the better I know. I'm honestly just wanting to be done with working, my health comes first in my case.
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Old Sep 18th 2019, 12:52 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by aerobar104 View Post
Yeah I wonder how long that will take. What would you consider to be a good exchange rate? The more in our favor the better I know. I'm honestly just wanting to be done with working, my health comes first in my case.
in may 2019 it was around $1.77. I am hoping that when brexit is sorted in the next coupke of years for $1.80
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Old Sep 18th 2019, 11:46 pm
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Default Re: New Canada QROPS Provider (at last!)

At LONG LONG last......some good news !

It took a lot longer than many were hoping ( the HMRC slowed things down considerably ) but "Industrial Alliance Group" have now been able to get Canada back on the ROPS list.

Having used Industrial Alliance "first time" around for QROPS, Its good to see they followed this through with the HMRC to get Canada back on the list................and have given Ex Pats living in Canada at least now an option again to move their pensions instead of being at a disadvantage compared to Expats living in many other countries around the World !

It will be interesting now to see if any other Canadian providers have the desire and perseverance to work with the HMRC to get listed back on ROPS list !
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Old Sep 19th 2019, 6:31 pm
  #24  
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Default Re: New Canada QROPS Provider (at last!)

Does anyone have any idea what type of funds are available with IAG to invest QROPS?
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Old Sep 19th 2019, 7:24 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Edo View Post
Does anyone have any idea what type of funds are available with IAG to invest QROPS?
IAG provide "seg fund" investments within the RRSP, that are similar to mutual funds, but offer guarantee's of investment protection against market downturns and on death.

They offer a comprehensive range of fund options and asset classes. https://ia.ca/funds-performance
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Old Sep 22nd 2019, 12:09 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by mjwalker007 View Post
IAG provide "seg fund" investments within the RRSP, that are similar to mutual funds, but offer guarantee's of investment protection against market downturns and on death.

They offer a comprehensive range of fund options and asset classes. https://ia.ca/funds-performance
Not impressed with the performance of any of the funds from IA
Index trackers have returned better performance.
Will wait until Canadian self investment brokerages are on the ROP list.
In the meantime my SIP in UK continues to grow with Fundsmith and Lindsell Train Global.
Both funds help to mitigate any sterling weakness by investing in companies that earn money abroad
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Old Sep 22nd 2019, 5:24 pm
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Default Re: New Canada QROPS Provider (at last!)

wonder how they got round the catch all that monies invested in rrsp can be withdrawn before the age of 55, which is why they all withdrew in the first place
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Old Sep 22nd 2019, 5:28 pm
  #28  
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by AMB1971 View Post
wonder how they got round the catch all that monies invested in rrsp can be withdrawn before the age of 55, which is why they all withdrew in the first place
They did the same thing to Australia a few years earlier, the new scheme back on this list from AUS simply set the minimum age to age 55 for the ROPS approved scheme (but now have schemes that will take on at earlier age). I believe there is strong reporting requirement form these schems back to HMRC for pre 55 withdrawals which triggers a tax demand from HMRC.
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Old Sep 22nd 2019, 6:01 pm
  #29  
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Default Re: New Canada QROPS Provider (at last!)

deeply vested in the legalities of this already, but pureley from a federal perspective, the investment would have to be at minmum a LIRA, and even then the provisions for unlocking some or all of the monies is still available in provincial law,
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Old Sep 22nd 2019, 8:12 pm
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Default Re: New Canada QROPS Provider (at last!)

Originally Posted by Hurlabrick View Post
They did the same thing to Australia a few years earlier, the new scheme back on this list from AUS simply set the minimum age to age 55 for the ROPS approved scheme (but now have schemes that will take on at earlier age). I believe there is strong reporting requirement form these schems back to HMRC for pre 55 withdrawals which triggers a tax demand from HMRC.
Spot on Hurlabrick.................IA have made sure they have done everything asked of them from the HMRC to allow them back on the ROPS list...............in part , why this process has took so long !
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