Re: police transfer of pensions
 

yes you do. if you read my previous post i don't advocate this, won't be doing it and haven't moaned about it either way. i was simply answering the question posed with regard to timings of withdrawal.

Re: police transfer of pensions
 

I think I would be doing the same as you if I had the benefit of a U.K Police pension.
I think sometimes the motivation for transferring pensions abroad whilst emigrating is the psychological uplift achieved from thinking you have "cut all financial links" with Blairs Britain or perhaps cut links and memories with a job which had become more & more stressful and frustrating.

What is the difference between leaving an investment in the U.K or moving it to Canada? ... The fund will be invested in the same types of companies or Bonds etc. We are in a Global economy and your fund will be spread all over the World either way so there is no logical advantage. The difference is, every time you move fund manager, they take a very significant cut from your fund in hefty charges and commision and there is no guarantee that it will increase your pension.
Another point to remember is that Final Salary Pensions pay a guaranteed pension to you regardless of Life Expectancy whereas if you transfer your pension to an Investment based Fund it will pay out reduced pensions because "annuity rates" will decrease as Life Expectancy increases amongst the general population.This is because the fund has to pay individuals pensions for a longer period and the only way this effect is negated is if the Fund performed exceptionally well.
I think the main concern when retiring to Canada especially if you have worked in the U.K for a substantial period is the way the U.K government treats your U.K State pension when you move to Canada. It is not index linked, whereas if you move to an EU country or even the USA you receive the normal index-linking.
Anyway, lets hope we all enjoy our retirement when it comes.

Re: police transfer of pensions
 

There are other significant factors that need to be considered. Yes a pension has a guaranteed payment structure but when the pensioner dies, the spouse usually gets a reduced "survivor's pension." This can be as low as 50% of the original pension payments. Once that spouse passes away, the payments cease.

By commuting the pension to Canada, the person has avoided this issue. Once the pensioner passes away, the entire amount rolls over to the spouse tax free and upon their death the remaining amount is passed to the beneficiaries (often children or grandchildren) after tax.

I was faced with this very decision and as a father of 3 felt that this presented an excellent opportunity to ensure the money I worked hard for would become my family's asset not simply an asset of my pension provider. I am now enjoying watching my money safely grow with the peace of mind that if something should happen to me, my wife and kids will have the entire amount to help them live for long after I am gone.

Just imagine how unfair it would be if a person retired and then shortly after passed away or even worse their spouse passes away with them. All that hard earned pension money would be gone. I refuse to leave that to chance.

Re: police transfer of pensions
 

Yes that is a fair point and one to consider carfefully.
If however, you transfer from an employers Final Salary, scheme to a Money Purchase scheme of the type available from Financial Advisers, every additional benefit of your new fund has a cost to that fund. If the new pension offers something which your old fund does not, something has to give, the benefit is paid for by a reduction elswhere. That something is most likely the pension you would be receiving for the rest of your life i.e it would be smaller.

If you have reason to think your Life Expectancy may be much shorter than the average this could be a reason to "transfer" your fund, however if the Investment Fund suffers a downturn in performance as most did in the U.K over the last few years you could lose out on all fronts.

Re: police transfer of pensions
 

Hi,
Just noticed your discussion re pensions. I am an ex serviceman (now a copper and I loved living as an expat). You've got me thinking about Canada and wondered how easy it is to transfer across. I know several officers who have gone to Oz, but not Canada. Could you spare the time to point me in the right direction as I'd like to do some research etc.. Cheers!!

Re: police transfer of pensions
 

There are a lot of canadian forces who are actively recruiting from the UK. The Calgary Police Service and Edmonton Police service are also involved in the Provincial Nominee Program which gets you into Canada quicker.

Check out www.cic.gov.ca for infomation on immigration. For the Provincial nominee program check out
www.alberta-canada.com/pnp/

for the calgary police the website is http://www.gov.calgary.ab.ca/police/

Re: police transfer of pensions
 

If its any help, I have transfered my 24 year police pension to an RRSP with BMO. It was 168,133 pounds and I am just waiting for the cheque to clear (how quaint!). While I agree the safest is probably leave it, there are other factors.
Spouse only gets half if ya die!
Kids dont get nowt if ya both die!
Slave to currency exchange if ya leave it in UK!
Slave to government changes! (shudder)

Ok so my portfolio might plummet, well thats life I suppose, it also might do real well! Same rules as UK cant take it till 55.

Get this my cheque arrived in October, with the exchange it has gone from 320,000 dollars to as much as 350,000, thats some fluctuation! Should clear in a few days.
Also I have a goverment pension here aswell so I am resigned to paying lots of tax in my old age!

Re: police transfer of pensions
 

Fantastic! Thank you for your help.