QROPS Options

Old Mar 6th 2021, 5:17 pm
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Default 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?
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Old Mar 8th 2021, 8:02 pm
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Default 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
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Old Mar 9th 2021, 12:38 pm
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Default 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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Old Mar 9th 2021, 4:31 pm
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Default Re: QROPS Options

Originally Posted by Atlantic Xpat View Post
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.
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?
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Old Mar 9th 2021, 4:42 pm
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Default Re: QROPS Options

Originally Posted by glendem4 View Post
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?
Yes, mine are all in with IAG.
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.

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Old Mar 10th 2021, 4:56 pm
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Default 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.
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Old Mar 12th 2021, 11:34 am
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Default 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.
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Old Mar 12th 2021, 6:57 pm
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Default Re: QROPS Options

Originally Posted by Tangram View Post
Can you transfer if you are already drawing from the pension ? Not sure.
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.
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Old Mar 14th 2021, 4:11 pm
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Default Re: QROPS Options

Originally Posted by Hurlabrick View Post
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.
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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Old Mar 14th 2021, 7:16 pm
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Default Re: QROPS Options

Originally Posted by glendem4 View Post
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%
In that case, you are in the same boat as me. I cannot transfer via QROPS until there is an approved RRIF plan. Not that I am stressing to do so anyway. Currently taking enough as drawdown to take up the lowest Canadian tax bracket for me and my wife (pension sharing). Will start taking my UK state pension when I qualify later this year.
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Old Mar 14th 2021, 9:16 pm
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Default Re: QROPS Options

Originally Posted by glendem4 View Post
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%
You may want to check the figures once you have taken this into consideration.. no deferral if you have moved to Canada
https://www.gov.uk/deferring-state-p...ou-move-abroad

If you reach State Pension age on or after 6 April 2016

If 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:

Last edited by Siouxie; Mar 14th 2021 at 9:19 pm.
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Old Mar 15th 2021, 4:58 pm
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Default Re: QROPS Options

Originally Posted by Siouxie View Post
You may want to check the figures once you have taken this into consideration.. no deferral if you have moved to Canada
Thanks Siouxie. Looks like the UK government do not like UK Citizens moving to Canada. Only option is to take pension at 67 and move back to the UK for a short period after 5-10 years.
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