Question on multiple QROPS pension transfers
 

I have two UK pension plans. Does anyone know if I can transfer both into the one single Canadian QROPS plan?

Re: Question on multiple QROPS pension transfers
 

Yes, both pensions can be transferred into one RRSP in Canada with an approved QROPS Canadian provider.

Re: Question on multiple QROPS pension transfers
 

funny, I've been waiting to find out that answer for a few weeks from Scotiabank.....I forgot it was regular RRSP season so response has been non-existent so far.

Thanks for that.

Re: Question on multiple QROPS pension transfers
 

What are the advantages of moving a UK pension to a QROPS in Canada? Not a criticism, just curious given the new UK pension freedoms. Should it be done before moving? I know the US rules and wonder if there is a parallel.

Re: Question on multiple QROPS pension transfers
 

Bumping this as this came up in discussion with an IFA I was speaking to the other day.

Re: Question on multiple QROPS pension transfers
 

How is it that bumping is allowed for some people but not for others mods? :lol:

Anyway, to answer your question, the UK is changing the in April and they are taking the choice away from people to transfer their QROPS abroad. But it applies only if your QROPS exceed a certain amount which i think is GBP30,000.

Re: Question on multiple QROPS pension transfers
 

I know about the changes in April but this bit about over 30,000 GBP is a bit concerning and I hadn't heard about this. I'm in the process of moving over 2 pensions right now so this does affect me. Both institutions would have received my requests last week.

Re: Question on multiple QROPS pension transfers
 

Is the changes in April only for civil service pension transfers?

Re: Question on multiple QROPS pension transfers
 

No idea, but I am surprised that at least one adviser that posted on this thread did not respond.

The rules in April require transfers of over 30,000 from final salary schemes to be signed off by a UK regulated IFA firm. Public sector schemes that are funded ( ie have a pension fund ) will still offer transfers.

The reason for my question is that I met with some UK IFAs this who were discussing the different countries that expats move to. Since they will only sign off transfers from final salary schemes if they believe it is in the clients' best interest they need to know about the country's QROPS rules before allowing the transfer.

Advisers in Canada will know the rules, but cannot deal with the transfer from final salary schemes unless they work with a UK IFA. And, I suspect only a handful of advisers have G60 or AF3 and should really have been working with a UK specialist in the first place.