pension to rrsp
 

Hi Does anyone know if it is possible to transfer the funds from a british pension into an RRSP
Thanks
Trax

Re: pension to rrsp
 

Yes, at least for certain kinds of British pension, and into certain qualifying RRSPs. You will need the assistance of a qualified financial adviser. There is one who posts on this site. This topic has been discussed several times. I am sure if you do a search on the forum you will find him/her.

Re: pension to rrsp
 

Thank you, I will indeed search
All the very best
Trax

Re: pension to rrsp
 

Hi there- it is possible to do this- we went into our bank, BMO and saw the FA there, you have to open an RRSP first so that there is an account number for the pension to come to...your BMO/bank FA should be able to help you out.

Re: pension to rrsp
 

Quote:

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Originally Posted by TRAX123 (Post 7115500)

Hi Does anyone know if it is possible to transfer the funds from a british pension into an RRSP
Thanks
Trax

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Try http://www.pensiontransfer.ca/tmh.asp#I1

I wouldn't trust many people in the Canadian banking system to have good knowledge on this subject. Many, so called, bankers today are inexperienced and as sales people will try anything to close a sale. If I were you I would seek a ruling from Canada Revenue Agency (CRA) before signing anything to effect a transfer.

Re: pension to rrsp
 

It depends on who you have- the FA at BMO had vast experience and over 30 years in the industry, was totally familiar with UK pension transfers..

You just need to really find a good one!!

http://uk2canadapensiontransfers.com...FQ4NDQodb0t1DA
is another link I found on google!!

Also here is a previous thread you might find useful..

http://britishexpats.com/forum/showthread.php?t=486579

Re: pension to rrsp
 

You just need to really find a good one!!

I agree with that but my point was that such are few and far between. I worked for BMO for 40 years but I wouldn't trust implicitly too many people there to give me sound financial advice.

Re: pension to rrsp
 

Thanks Brian and Shelley, I will speak to the bank, then open an RRSP and I will post how I get on.

All the best for the New Year

Trax

Re: pension to rrsp
 

Hi Trax123

This has been covered quite substantially in earlier posts , and as mentioned above it is really important to find somebody that has a very good knowledge of the UK Pension system and how to transfer your pension to Canada.

I have spoken to clients that have used Canadian Banks and unfortunately they just didnt feel confident that they knew all of the rules etc associated with transferring the Pension from the U.K .
This is not a generalisation of all banks in Canada, just the views of clients I have spoken to.

The time factor seemed to have been an issue with most clients.

It had taken them 3 months + to get their funds across from the U.K.

In general my clients receive their money from the U.K Scheme within around 3 weeks of us sending off the paperwork !!

As an Independent Financial Advisor in the U.K for over 10 years, my clients benefit from the knowledge that I provide when it comes to U.K Pension's.

This is definately a factor in making sure the transfer moves as smoothly and quickly as possible.

As there is a lot of information on this subject, it would be a good idea to review the previous posts on this subject.

try this link http://britishexpats.com/forum/showt...=486579&page=6

If you need any further info or help , drop me a line :thumbup:

Thanks

Mark

Re: pension to rrsp
 

Thank you Mark, Much appreciated.
I will look into it now
All the very best for 2009
Trax