UK Pension Transfer to Canada
Aug 8th 2008, 12:01 pm
#76
Just Joined
Joined: Aug 2008
Posts: 1
Re: UK Pension Transfer to Canada
Hi,
I have, what I feel, is a complicated situation. Having read the thread I do not see any mention of transfering state pensions. Is this possible? Or would I have had to opted out and started a private one to transfer it?
If I can great but things get even more complicated.
I have partial contributions in Canada, UK and Japan and am a dual citizen of Uk/Canada. I would like to get everything moved back to my CPP if possible.
uggg.
I have, what I feel, is a complicated situation. Having read the thread I do not see any mention of transfering state pensions. Is this possible? Or would I have had to opted out and started a private one to transfer it?
If I can great but things get even more complicated.
I have partial contributions in Canada, UK and Japan and am a dual citizen of Uk/Canada. I would like to get everything moved back to my CPP if possible.
uggg.
Aug 8th 2008, 1:07 pm
#77
Seasoned Maritimer
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Re: UK Pension Transfer to Canada
Hi,
I have, what I feel, is a complicated situation. Having read the thread I do not see any mention of transfering state pensions. Is this possible? Or would I have had to opted out and started a private one to transfer it?
If I can great but things get even more complicated.
I have partial contributions in Canada, UK and Japan and am a dual citizen of Uk/Canada. I would like to get everything moved back to my CPP if possible.
uggg.
I have, what I feel, is a complicated situation. Having read the thread I do not see any mention of transfering state pensions. Is this possible? Or would I have had to opted out and started a private one to transfer it?
If I can great but things get even more complicated.
I have partial contributions in Canada, UK and Japan and am a dual citizen of Uk/Canada. I would like to get everything moved back to my CPP if possible.
uggg.
This is all 'as far as I know'.
Aug 8th 2008, 1:55 pm
#78
Bon Vivant
Joined: Aug 2008
Location: Nova Scotia
Posts: 2,956
Re: UK Pension Transfer to Canada
You can't transfer the state pension. If you had SERPS opt out into a private one or through contracted out with a company scheme you could. However, I believe transferring PPPs is difficult if not impossible. Company schemes are ok. I am currently transferring two, with my wife's being next in line to action.
This is all 'as far as I know'.
This is all 'as far as I know'.
Sep 18th 2008, 5:39 pm
#79
Banned
Joined: Oct 2007
Posts: 22
Re: UK Pension Transfer to Canada
e-mail me. I live in the U.S. and I just completed my fourth (and final) QROPS transfer. I'll be happy to help.
[email protected]
[email protected]
Sep 18th 2008, 11:27 pm
#80
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: UK Pension Transfer to Canada
You can't transfer the state pension. If you had SERPS opt out into a private one or through contracted out with a company scheme you could. However, I believe transferring PPPs is difficult if not impossible. Company schemes are ok. I am currently transferring two, with my wife's being next in line to action.
This is all 'as far as I know'.
This is all 'as far as I know'.
I am not mentioning this to promote myself , you will see plenty of posts from myself offering help and information on this subject, but I want to give people some information out there that this can be done, quite easily and quickly if you deal with somebody that know's what they are doing.
I have seen so much dis-information regarding this subject which creates unease and uncertainty for people in respect of moving their pensions.
For example within the last week I have received 5 U.K Pension transfers which have gone into RSP`s here in Canada , both personal and occupational schemes for my clients.You CAN transfer both types.
The quickest transfer for one of my clients was 1 and a half weeks from the paperwork being sent to the U.K . The average for my clients so far is around 3 weeks !
Where transfers are taking 4 - 5 months is because people are using banks etc in Canada that are just not used to dealing with U.K Pensions and are not doing the relevant preparation before proceeding with a transfer for their client. Also I question whether on a daily basis they speak to the U.K companies for updates and progress.Things will only move quickly and smoothly if you follow them through from start to finish.
There is help out there, it`s just a question of where you go to receive it !
Last edited by mjwalker007; Sep 18th 2008 at 11:32 pm.
Sep 19th 2008, 10:55 am
#81
Seasoned Maritimer
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Re: UK Pension Transfer to Canada
Sorry about that.
Both mine are now here are a couple of months, both occupational previously.
Both mine are now here are a couple of months, both occupational previously.
Sep 19th 2008, 3:18 pm
#82
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Sep 20th 2008, 7:49 pm
#83
Forum Regular
Joined: Feb 2007
Location: Nanaimo, BC
Posts: 157
Re: UK Pension Transfer to Canada
I've done a search but can't find any replies that relate specifically so the question is has anyone transfered their NHS pension to Canada?
I have 13 years in so would like to move it to make it easier when I finally retire.
Cheers
I have 13 years in so would like to move it to make it easier when I finally retire.
Cheers
Sep 20th 2008, 11:25 pm
#84
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: UK Pension Transfer to Canada
Sep 21st 2008, 7:48 am
#85
Forum Regular
Joined: Feb 2007
Location: Nanaimo, BC
Posts: 157
Re: UK Pension Transfer to Canada
would you be able to explain how? Was it hard to do? Did you have to do anything special on either end?
If you want PM me to explain but I think other ghosters would want to know as I know there are several UK paramedics looking at this site.
Cheers you have made my day as this should decrease the number of years that I will have to do until finacially able to retire in Canada
If you want PM me to explain but I think other ghosters would want to know as I know there are several UK paramedics looking at this site.
Cheers you have made my day as this should decrease the number of years that I will have to do until finacially able to retire in Canada
Sep 22nd 2008, 5:25 pm
#86
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: UK Pension Transfer to Canada
would you be able to explain how? Was it hard to do? Did you have to do anything special on either end?
If you want PM me to explain but I think other ghosters would want to know as I know there are several UK paramedics looking at this site.
Cheers you have made my day as this should decrease the number of years that I will have to do until finacially able to retire in Canada
If you want PM me to explain but I think other ghosters would want to know as I know there are several UK paramedics looking at this site.
Cheers you have made my day as this should decrease the number of years that I will have to do until finacially able to retire in Canada
I've p.m(d) you with some information and contact details last night !
Nov 17th 2008, 8:55 pm
#87
Just Joined
Joined: Nov 2008
Posts: 1
Re: UK Pension Transfer to Canada
The 5 year rule is imposed by the UK tax authorities. So technically if I withdrew funds within 5 years and the UK inland revenue found out then they could come after me to repay the tax exemption I got originally. I think when a Canadian institution applies for QROPS status one of the condition is that they must report on you to the inland revenue if you do it.
But I'm really not sure how that could work in practice. You see in Canada there are only two types of funds - "locked in" which you arent allowed to touch EVER and then reguluar RRSPs which you can do whatever you want with. There isnt a fund that exists in Canada that locks-in for 5 years and then allows access and I can't imagine any of the big institutions like BMO would go to the bother of setting one up just for a handful of Brits who are still operating under UK inland revenue tax rules. Canadians dont have a need for such a fund/scheme. So my guess is that Canadian institutions dont really have the mechanisms in place to lock your funds in for 5 years - BMO Nesbit Burns told me that I could withdraw it whenever I wanted.
In fact, this is probably the reason why you found it so hard to find a scheme that wasnt locked-in. The institutions in Canada know they dont have the mechanisms in place to lock your money away for just 5 years (you could probably challenge them under Canadian law if they tried to impose that rule anyway) so instead they are only prepared to take your business if you allow them to lock it away forever by putting it into a locked-in RRSP (which there is provision for in Canadian Law). That way they know there's no danger of you breaking the rules and them ending up liable somehow.
By the way you should approach BMO Nesbit Burns (not the main BMO bank or BMO Harris etc - there are a few different companies within the group). Depending on your region I might be able to give you a contact name (please PM me for that).
But I'm really not sure how that could work in practice. You see in Canada there are only two types of funds - "locked in" which you arent allowed to touch EVER and then reguluar RRSPs which you can do whatever you want with. There isnt a fund that exists in Canada that locks-in for 5 years and then allows access and I can't imagine any of the big institutions like BMO would go to the bother of setting one up just for a handful of Brits who are still operating under UK inland revenue tax rules. Canadians dont have a need for such a fund/scheme. So my guess is that Canadian institutions dont really have the mechanisms in place to lock your funds in for 5 years - BMO Nesbit Burns told me that I could withdraw it whenever I wanted.
In fact, this is probably the reason why you found it so hard to find a scheme that wasnt locked-in. The institutions in Canada know they dont have the mechanisms in place to lock your money away for just 5 years (you could probably challenge them under Canadian law if they tried to impose that rule anyway) so instead they are only prepared to take your business if you allow them to lock it away forever by putting it into a locked-in RRSP (which there is provision for in Canadian Law). That way they know there's no danger of you breaking the rules and them ending up liable somehow.
By the way you should approach BMO Nesbit Burns (not the main BMO bank or BMO Harris etc - there are a few different companies within the group). Depending on your region I might be able to give you a contact name (please PM me for that).
My financial advisor here in Montreal insists that Locked -In RRSP is the only way to transfer UK pension. This has consequences upon retirement (e.g. limits on withdrwals, etc.). Is he right? I would appreciate some advice. I read this entire thread and there seems to be alternatives.
Thank you
Nov 17th 2008, 11:25 pm
#88
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: UK Pension Transfer to Canada
My financial advisor here in Montreal insists that Locked -In RRSP is the only way to transfer UK pension. This has consequences upon retirement (e.g. limits on withdrwals, etc.). Is he right? I would appreciate some advice. I read this entire thread and there seems to be alternatives.
Thank you
Thank you
No, your Financial Adviser is wrong, you can transfer your U.K Pension to a non locked in RRSP . I have transferred over 30 U.K Pensions within the last couple of months ,for my clients and they are all in standard RRSP ( not locked In ).
It maybe that your advisor only has access, or works for one company that is on the QROPS list in Canada and that specific company can only do Locked In RRSP.
However as an Independent Financial Consultant , my clients have access to the majority of QROPS scheme's in Canada, therefore we look at scheme's that are not locked in !
This is very important when transferring your U.K Pension.
Hope this helps a little.
Last edited by mjwalker007; Nov 17th 2008 at 11:44 pm.
Nov 18th 2008, 12:18 pm
#89
Immigration Consultant
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Re: UK Pension Transfer to Canada
mjwalker007 is correct - it is possible to transfer a pension into a non locked-in RRSP. I did exactly that (though sadly its not worth anything like what it was when I transferred it 18 months ago!). But I can tell you that I had a hard time doing it - I went to a couple of different financial institutions that said they would do it but when it came to the crunch they would only put it in a locked-in fund. I think the problem was this...
According to the UK Inland Revenue's QROPS rules the overseas fund has to prevent you from withdrawing your pension for 5 years (or report on you if you do to the UK IR). And in practice there isnt an RRSP fund that exists in Canada which locks someones money away for 5 years - it is either locked-in (forever) or not locked-in. So institutions here, to save themselves some hassle, just make you put it in a locked-in fund.
The people I found to do it in the end was BMO Nesbitt Burns - they have a fund that is QROPS approved and it isnt locked-in.
According to the UK Inland Revenue's QROPS rules the overseas fund has to prevent you from withdrawing your pension for 5 years (or report on you if you do to the UK IR). And in practice there isnt an RRSP fund that exists in Canada which locks someones money away for 5 years - it is either locked-in (forever) or not locked-in. So institutions here, to save themselves some hassle, just make you put it in a locked-in fund.
The people I found to do it in the end was BMO Nesbitt Burns - they have a fund that is QROPS approved and it isnt locked-in.
Dec 18th 2008, 7:01 pm
#90
Just Joined
Joined: Dec 2008
Posts: 1
Re: UK Pension Transfer to Canada
mjwalker007 is correct - it is possible to transfer a pension into a non locked-in RRSP. I did exactly that (though sadly its not worth anything like what it was when I transferred it 18 months ago!). But I can tell you that I had a hard time doing it - I went to a couple of different financial institutions that said they would do it but when it came to the crunch they would only put it in a locked-in fund. I think the problem was this...
According to the UK Inland Revenue's QROPS rules the overseas fund has to prevent you from withdrawing your pension for 5 years (or report on you if you do to the UK IR). And in practice there isnt an RRSP fund that exists in Canada which locks someones money away for 5 years - it is either locked-in (forever) or not locked-in. So institutions here, to save themselves some hassle, just make you put it in a locked-in fund.
The people I found to do it in the end was BMO Nesbitt Burns - they have a fund that is QROPS approved and it isnt locked-in.
According to the UK Inland Revenue's QROPS rules the overseas fund has to prevent you from withdrawing your pension for 5 years (or report on you if you do to the UK IR). And in practice there isnt an RRSP fund that exists in Canada which locks someones money away for 5 years - it is either locked-in (forever) or not locked-in. So institutions here, to save themselves some hassle, just make you put it in a locked-in fund.
The people I found to do it in the end was BMO Nesbitt Burns - they have a fund that is QROPS approved and it isnt locked-in.
My concern centred on the fact that the RSP they were going to use (RSP 527-010) appeared on the Financial Institutions Commission list of locked-in pensions here:
[URL="http://www.fic.gov.bc.ca/pdf/responsibilities_RSP/rspList.pdf"]
My adviser replied as follows:
"I have been in contact with various people in our administration department in Toronto regarding the status of an account if it is transferred from the UK to Canada. I cannot seem to get a firm answer so that we can guarantee that the account will not be locked-in. Since this seems to be the primary reason for the transfer, you may want to find another provider who can guarantee that the account will be as flexible as you need it to be for your current circumstances."
Does anyone know for sure whether the funds would be locked in if I went ahead with the transfer, or can anyone actually name a fund that is on the QROPS list, but not listed on the locked-in pensions list?
Thanks,
Alex.