Kentonmag

https://www.gov.uk/government/public...-schemes-qrops

Despite the fact there are supposed to be Canadian Company's applying to be added to the UK recognized list for pension fund transfers from the UK, nothing has been added to yesterdays new listings. Usually the list is updated every 2 months.

CDNReturner

Damn! I really need to move mine from Scotia as soon as possible.

Siouxie

http://britishexpats.com/forum/canad...s-then-893613/

Edo

Hey CDNReturner. I am in the same boat but my QROPs is not with another provider. Can I ask why you want to move away from Scotia?

CDNReturner

You know all that business about the banks wanting too much out of us that was all over the news a couple of weeks ago. When they asked for more money from me 6 months ago it just didn't sit right with me. I refused to sign the paperwork so they could charge me more. Now I know I was right to feel that way and move my portfolio out of Scotia. So I kind of fell out with my FA. So in the last 4 weeks my portfolio has been moved elsewhere but the damn QROPS is stuck with Scotia. And my Scotia FA isn't happy about it because the amount I now have invested with him is below the amount of their preferred clientle.

ukcanuck

I too am trying to move my QROPS from Scotia. Didn't happen.......

The institution I am trying to move to was also QROPS designated and we know how that went.

Anyways I asked the question of when, if ever, the funds where not under restriction of HMRC.

The reply I got is as follows:

Our client also had this question:
The one question I would have is when is it that the funds are no longer under HRMC restrictions? That would give us an idea of when we could move them if ever.

This is our head office response:
The regulations we follow, which should be the same at Scotia Bank, would be:
If the funds were received prior to April 5 2015 and the client has resided out of the UK for more than 5 UK tax years, the test period, the client can transfer out of the QROPS to a regular RSP. At XXXXXXXX a client signs a redemption declaration form attesting to the test period and we can then transfer to a non-QROPS RSP. We report the transfer to the HMRC.
If the funds were received after April 5 2015, the client will need to be 55 years or older and outside the test period to transfer out of the QROPS RSP to a non-QROPS RSP, again by signing our redemption declaration. We report the transfer to the HMRC.

With the transfer being reported to HMRC we are unsure of the tax implication, if any in the UK.


So good advice or totally duff????

We were moving our funds due to a falling out with the FA who we do not deal with and the one we are dealing with seems better. The rate of return less fees should be about the same as where I am moving it to.

Thoughts anyone?? The whole thing has me in circles trying to fully understand the rules and changes and what we can and can't do without getting taxed.

Cheers

Edo

There is no advice there. They have just explained what the new law says and they are right.

The answer to this would depend on whether you transferred your QROPs to Canada before April 5, 2015 or after? And also, currently how old are you.

ukcanuck

Thanks Edo

I read quite a few articles and posts on other forums about bad advice and people being taxed. We had bad advice when we moved it over here so I guess we are wary.

We moved it before 2015 and I am under 55. Ben out for more than the 5 years do it looks like we should be ok.

Thanks again

CDNReturner

From what is being said above, that although I transferred after April 5, 2015 (tried to do it before but it was so slow), I can transfer to a regular RSP because I'm over 60 and been back in Canada 12 years.

misplacedheidi

[QUOTE=Edo;12234471]There is no advice there. They have just explained what the new law says and they are right.
/QUOTE]

Can you point out to me where that link is? I have had a poke around and can't find it.

Thanks.
Heidi

Hurlabrick

I think that some Canadian financial institutions will make an appearance on the ROPS list, but I suspect it will take a few months if not a year or so yet.


In the meantime, like others, I will simply be checking the ROPS list every month!

Dave+Jules

I moved mine across to Bank of Montreal (BMO) RRSP scheme several years ago? I am Surprised to see nothing from Canada at all.