Bluespace

I want to transfer my Personal Pension Plan (With Profits normal retirement age 62 is in 1 month) to a QROPS in Canada. Looks like being Scotia or BMO. Which is better? Alas my bank, HSBC doesn't qualify. Any help appreciated.



Steve

Auld Yin

Neither is better than the other and unless someone has done a transfer with both banks you can't really receive an objective reply. Both are highly reputable financial institutions and the only difference is the interest rate you may receive. Visit a branch of each bank and talk with an investment counselor.

mjwalker007

If you are based out of Ontario you may also wish to try UK2Canada pension transfers.

They help with clients transfers out east and should be able to look at the majority of QROPS rrsp providers in Canada and not just BMO or Scotia.

JorgeAragon

Hello,

You are also able to transfer this to many other instituations that have QROPS. I know Investors Group Financial Services does these... if you need a hand finding the right advisor, let me know... they have offices all throughout the country.

Cheers,

Jorge

dgagitw

The questions to ask are:

1. what FX rate will they give you on the actual transfer (spread from market).
2. how much commission will they charge you on the way in and out.

Aside from that, both will have similar products so ti won't make much difference.

I did the rounds with BMO on this and the killer was that they wouldn't do it via a standard RRSP, it had to be one 'managed' by an advisor. The FX rate for the transfer would have been spot (good) but the commission on all trades (including the ones in to begin with) for the 5 year lock-in (now 10) would have been at least 2%, which is a big chunk of change if you do any kind of regular portfolio refresh.