Re: police transfer of pensions
 

Our UK private pensions are frozen in the UK. Doesn't matter where you are in the world you can't withdrawn until age dictated on your policy.

We do know that your regular government pension paid through National Insurance contributions will be frozen and is NOT indexed linked :mad:

Re: police transfer of pensions
 

Hey folks, I've been five years away from the job out here in BC. My boss happens to be ex-RUC and has some info for me regarding pension transfers. He's a sharp tack when it comes to $, so there may be something in it. I'll post whatever I'm enlightened with - unless of course it goes nowhere. I just found this forum, interesting to see people in forces out west - in my job I frequently have contact with different city and federal agencies...

Re: police transfer of pensions
 

You can definitely bring your Police pension to Canada and according to my friends who have done this, the rules governing the money and eventual taxes are much more favourable here in Canada. I can put you in touch with who they used to transfer it over if you like.

Re: police transfer of pensions
 

if you could pass my details on to them or vice versa that would be greatly appreciated. Thanks:thumbup:
Pidster

Re: police transfer of pensions
 

Hey Pidster,

I sent you some information via e-mail. Let me know if you do not receive it.

Re: police transfer of pensions
 

I have just found out that I can transfer my civil service pension over to Canada and have started the process.

Found this info on http://www.pensiontransfer.ca/index.asp

Have a look !!!!!!!!!!!!!!!

As long as your pension is an occupational pension it can be transferred over and put into an RRSP, private pensions must remain in the UK until retirement day.

SO YES it can be done with any work related pension scheme

Whats the point in leaving your well earned pension money in the UK, when you are never going to return there, only growing by a few percent a year, get it over here, it immediately doubles in monetery terms and it will be invested into something that makes more than a few percent a year

Eddie

Re: police transfer of pensions
 

Guys and Girls,

You CAN transfer your UK police pensions into a private scheme in Canada.

You CANNOT transfer you UK police pension into a Canadian police scheme.

Heres what I have done so far.

I have contacted the police pension people and have recieved a forecast for a deferred pension i.e. wait till I'm 60.

For 17 years service it works out around £12k a year for me or £40k lump sum and £8k a year.

I have then asked for a settlement figure of what I can take out of the country and re invest in a civil scheme in canada.

I can take £95K or about $210k depending on the exchange rate!

TAX FREE I might add.

I am in contact with a pensions adviser in Calgary and if you would like his details I will galdly send them to you.

I am looking at investing the 95k with a view of getting it, as a pension in 13 years time, when I'm 50.

Anything else you need just ask.


I will PM anyone who wants the details of the company I am Using in Canada.

Re: police transfer of pensions
 

i was correct then in that you can't transfer police to police. the question is do you want to transfer police to private. sounds great, however, if it looks to good to be true..... my old fella had some great financial advice some years ago. invest in equitable life, he said. very secure, he said. and of course when they went bust he disappeared and so did almost all of my dads pension, government comp for what it is excluded.
financial advisors are almost on a par with used car salesman and defence solicitors.
low amount of money guaranteed against large amount of money possibly, or possibly nowt, look at the stock exchanges last few days for proof of that.

Re: police transfer of pensions
 

Hey 'pension, can you pass the link to me also? I'd like to make some enquiries. Much appreciated.

Re: police transfer of pensions
 

Can you let me have the company details please? Many thanks!

Re: police transfer of pensions
 

Since joining on, I have been receiving a lot of e-mails on the pension transfer process. Here is my background. I am an ex Police Officer here in Canada and a very good friend of mine is a pension transfer expert. I personally know many expats that he has helped transfer their pensions to Canada where I can assure you the legislation is more favourable. I would post his information but I think that may be a violation of the rules. If anyone out there would like to follow up with him, simply shoot me an e-mail and I will forward on the information. He has helped expats right across the country. If anyone is considering a policing career in Canada and would like to "pick my brain," feel free to ask. I will give you the straight goods.

Re: police transfer of pensions
 

FYI Voyager, I checked out the link you posted and those guys charge a fee to help you with the transfer. I know for sure that my friend does not charge anything. Every dollar counts, especially when you are talking hundreds or even thousands!

Re: police transfer of pensions
 

Are you here on a WP? There are risks involved in transferring a Civil Service Pension. I got it all in writing a while back, and after taking advice in both the Uk and here, decided against it.

Straight from the CPS:
" Requests to transfer benefits to an overseas pension scheme must be referred to the Pension Scheme Office and must meet the following criteria:
* the transfer must be requested by you
*the overseas scheme must confirm that it is willing to accept the transfer. Major Canadian banks have actuarial departments that will facilitate this.
*the country of residence of the overseas employer, overseas scheme and yourself must coincide.
* written confirmation from you that you have left the UK on a permanent basis with no intention of returning to either work or retire
* written confirmation that you are already in emplyment overseas and that contributions are being made to an overseas scheme in realtion to that employment.
* you msut provide a certified true copy of the full documentation of the overseas scheme
*the intended method of securing the Guaranteed Minimum Pension (GMP) liability.
Transfers of GMP are at your own risk and neither yourself nor your widow would have any recourse to the CSPD or to the UK state pension if there were to be a shortfall in the GMP equivalent benefit eventually paid by the overseas scheme.
The scheme to which the transfer payment is to be made may not be regulated by UK law. Consequently there is no obligation under that law on the receiving scheme ot its trustees or administrators to provide any particular value or benefit in return for the transfer payment"

Hope this helps.

Re: police transfer of pensions
 

Dingbat

Thanks for the info

The company I am using is part of The Bank of Montreal and I have been assured that they do not charge any fees for arranging the transfer. They will recieve a commission based on what sort of plan I have set up, it can only be an RRSP as this is the only one that is certified and is authorised by the UK inland revenue.

I dont need to be in my employers company pension scheme to have my pension transfered over as its going directly into a Canadian RRSP.

Eddie

Re: police transfer of pensions
 

please could you pass me the details of this guy.. on PNP to CPS in summer time

many thanks

bobster