UK Pension - Options
 

I have 3 separate company pension plans running with previous employers, but I also have an Executive Pension Plan with Standard Life, which I set up while I was a IT Contractor for 6 year.

I'm wondering what are my options for this one, as we get ready to move to Canada.

Anyone got any experience, advice, resources to help me research and decide?

Many Thanks.

Re: UK Pension - Options
 

Hello, my own research for getting my pension paid in Canada, Tax form P85 to declare yourself as Non-resident in UK for tax reasons, you send this in with your P45 parts 2+3 on the day you leave the UK, you may get a rebate. If you go on the HMRC website and in the search box type Canada individual then that brings up the form to take to Canada for the Canadian Tax man, you can keep a bank account open here in the UK to get the pension paid into then transfer it to a Canadian bank account, any interest on it whilst in the UK account will be liable to tax, hope this helps

Re: UK Pension - Options
 

If your question is about whether or how you can/should transfer UK pensions to Canadian RRSP's then I believe there may be a wiki article to that effect. If not, a search will produce numerous past discussion on this.

I have two final salary schemes from my work in the UK. At this stage I have left them in the UK and not transferred to Canada. Reasons for this, firstly the exchange rate and secondly, they are defined benefit schemes and I like that guranteed income. Also, who knows where I will be living when I reach pensionable age. (20+ years away for me). But YMMV of course.

Re: UK Pension - Options
 

You can transfer UK pensions to Canadian RRSP's (Registered Retirement Savings Plans) but before you take this step you will need to think about possible tax implications and whether this move is right for you (the type of pension scheme and factors such as exchange rates can have an impact).

Re: UK Pension - Options
 

There is one poster, mjwalker007, who runs a business in BC importing pensions from the UK to Canada. It might also be an idea to get in contact with him.

Apologies if I am treading on nikkistothard's toes.

Re: UK Pension - Options
 

Hi Tiger,

As has been mentioned, this is an area that has been discussed at great length and you will find plenty of information on the forum.

You are able to transfer your UK pension scheme to a QROPS qualified provider in Canada. Your pension will be transferred into an RRSP.

There are certain rules that need to be adhered to when making a transfer to an overseas scheme so every pension transfer should be looked at on its own merits.

I hope the move all goes well for you :thumbup:

Re: UK Pension - Options
 

Just in the process of doing all that myself; you've confirmed I'm on the right track :thumbup: