QROPS Options
I am currently drawing a sum from my private draw down pension in the UK.
With Life Time Allowance (LTA) frozen for 5 years in the UK, I was wondering if anyone has transferred their private pension to Canada from the UK? Although I pay no tax in the UK, I am concerned the LTA will impact me in 10 years if my pension investments continue to grow. Thoughts? |
Re: QROPS Options
I transferred mine to Canadian RRSPs in July 2016 via this company https://sterlingadvisory.com/
Good service, they explained everything in detail as I was clueless. HTH |
Re: QROPS Options
I suggest a search of this forum on the subject of QROPS as this has been discussed many times before. For a long while there were no QROPS schemes approved in Canada. (I think Dannys experience is prior to this ban). I know IA Clarington offer one now but you have to be over 55 to open it.
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Re: QROPS Options
Originally Posted by Atlantic Xpat
(Post 12981581)
I suggest a search of this forum on the subject of QROPS as this has been discussed many times before. For a long while there were no QROPS schemes approved in Canada. (I think Dannys experience is prior to this ban). I know IA Clarington offer one now but you have to be over 55 to open it.
Industrial Alliance Group ( IAG ) https://ia.ca/qrops-advisor and I A Clarington Investments Inc. https://iaclarington.com/products-se...accounts/qrops offer QROPS. Has anyone invested with IAG or IA Clarington? Any comments on the fund performance offered by IAG or IA Clarington? |
Re: QROPS Options
Originally Posted by glendem4
(Post 12981716)
Mark Walker Sterling Advisory. can provide a transfer from UK Pension to Canadian RSP.
Industrial Alliance Group ( IAG ) https://ia.ca/qrops-advisor and I A Clarington Investments Inc. https://iaclarington.com/products-se...accounts/qrops offer QROPS. Has anyone invested with IAG or IA Clarington? Any comments on the fund performance offered by IAG or IA Clarington? I remember Mark asking me how risk averse I was, so I split the lump sum up into three investments just in case. Income Funds Canadian Equity Funds US & Intl Equity Funds The equity funds are doing the best, the income funds has hardly moved. |
Re: QROPS Options
My RRSP is with IAG through my financial advisor. Been happy with performance - it's outpaced the Royal Bank RRSP I have through work.
I had to do my own research on IAG's QROPS scheme as he didn't know anything about it - to be fair its a pretty niche area for British Expatriates in Canada. |
Re: QROPS Options
Can you transfer if you are already drawing from the pension ? Not sure.
I transferred some 11/12 years ago and very glad I did. Even with the drop last year due to Covid, the funds have recovered back to their pre-Covid state and then some. Overall over the period of the transfer funds have doubled and all funds are available to both of us if anything happened. |
Re: QROPS Options
Originally Posted by Tangram
(Post 12982768)
Can you transfer if you are already drawing from the pension ? Not sure.
IF you are taking UFPLS withdrawals (i.e. uncrystallised funds) direct from a UK Personal Pension Plan, then it is still a Personal Pension Plan, so you could transfer via ROPS to one of the three approved Canadian RRSP's on the ROPS list. BUT, if you are taking your income from a UK Income Drawdown plan (i.e. crystallised funds), then you COULD transfer into an approved Canadian RRIF, BUT the problem is that there is no RRIF currently approved on the ROPS list - so no, you can't currently transfer! At least that is my understanding. |
Re: QROPS Options
Originally Posted by Hurlabrick
(Post 12982936)
I think it depends on HOW you are taking withdrawals from your UK 'pension'.
IF you are taking UFPLS withdrawals (i.e. uncrystallised funds) direct from a UK Personal Pension Plan, then it is still a Personal Pension Plan, so you could transfer via ROPS to one of the three approved Canadian RRSP's on the ROPS list. BUT, if you are taking your income from a UK Income Drawdown plan (i.e. crystallised funds), then you COULD transfer into an approved Canadian RRIF, BUT the problem is that there is no RRIF currently approved on the ROPS list - so no, you can't currently transfer! At least that is my understanding. |
Re: QROPS Options
Originally Posted by glendem4
(Post 12983462)
Thanks Hurlabrick for the update. I took out the 25% tax free lump sum before I moved to Canada and my pension is in income drawdown in the UK. I had a look at IAG funds, but was disappointed in the returns and MER of 2.3% or higher. Baillie Gifford and T Rowe Price have good global funds that have excellent long-term returns. I plan on taking 4% of my pension each year until 65, then 8% from 65 and pension splitting with the wife. Defer the UK state and Canadian OAS pensions until 70 will result in an annual compound uplift of 7%
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Re: QROPS Options
Originally Posted by glendem4
(Post 12983462)
Thanks Hurlabrick for the update. I took out the 25% tax free lump sum before I moved to Canada and my pension is in income drawdown in the UK. I had a look at IAG funds, but was disappointed in the returns and MER of 2.3% or higher. Baillie Gifford and T Rowe Price have good global funds that have excellent long-term returns. I plan on taking 4% of my pension each year until 65, then 8% from 65 and pension splitting with the wife. Defer the UK state and Canadian OAS pensions until 70 will result in an annual compound uplift of 7%
https://www.gov.uk/deferring-state-p...ou-move-abroad If you reach State Pension age on or after 6 April 2016If you move to a country that is not in the list, your extra payment will be based on the State Pension you’re owed at whichever is later of:
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Re: QROPS Options
Originally Posted by Siouxie
(Post 12983556)
You may want to check the figures once you have taken this into consideration.. no deferral if you have moved to Canada :(
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