Transfer of UK pension to Canada
 

I'm looking into transferring my UK pension to Canada.
I've been investigating this with a company out of Guelph Ontario called UK2 Canada Pension Transfers. My dealings with them have been very pleasant and I've found them to be most informative on this subject, and responsive to my questions and concerns.
Does anyone else in this group have experience with this company and can recommend them? I'm sure they are reputable and reliable but I would like to hear of others' experiences on this score.

Thank you for any feedback or advice you can provide

Re: Transfer of UK pension to Canada
 

You really don't need to pay someone else to do this for you. The system is called QROPS (Qualifying Recognized Overseas Pensions Schemes) and is administrated by HRMC in the UK.

1. Find the list of qualified overseas pensions (in Canada, Scotiabank has a qualified plan). Link here
2. Go to the nearest branch, explain you want to transfer your pension over from the UK using the QROPS scheme
3. If it's Scotia, tell them at head office they have a department that knows all about QROPS
4. Give them your UK pension providers details
5. Wait about 6 weeks until the funds are transferred to Canada

It's that simple, and free.

Re: Transfer of UK pension to Canada
 

What about that cheapo cheapo ad on TV? It's enough to put you off using that company.

I wonder how many companies do actually use it like those cinema ads that seemed general until "across the road from this cinema" popped up on screen. :lol:

Re: Transfer of UK pension to Canada
 

Hi Sharpe1,

Although www.uk2canadapensiontransfers.com are a competitor of mine on the east coast, I have heard good things about them from clients as they are one of the largest and most recognised QROPS specialists within Ontario. More importantly they have been doing these types of transfers for quite a long time so have the knowledge and expertise within this area.

Re: Transfer of UK pension to Canada
 

QROPS are not administered by HMRC.

There is no way they are free and are likely to be more expensive than their UK counterparts (SIPPS). This is not a transaction based product, it should be based on sound tax and investment advice. Always ask the bank how much commission they will take on the transfer and negotiate if this is more than about 3%.

Re: Transfer of UK pension to Canada
 

I contacted them twice, once by email, gave up and called a week later and left a message with a very nice person who promised he would be sure to pass my information on (not voice mail) and never heard back from them. I was very disappointed since I live in Guelph. Since my FA is with ScotiaMcleod I'm currently using them instead. It's been 3 weeks since the UK sent the money and I'm still waiting for the monies to show up over here.

Re: Transfer of UK pension to Canada
 

I used UK2Canada Pension Transfers when I was living in Canada and I found them to be fine, no issues or problems at all.