mjwalker007

Hi Alex,

As you are using a bank, they may only have access to a locked in RRSP regarding the QROPS transfer.

I can confirm that you can transfer your U.K Pension to many non locked RRSP funds in Canada, as I have done this for myself and for my clients. Companies named on the HMRC QROPS list will say if the RRSP fund is locked in or not. Remember there are still rules regarding accessing your fund within Canada, even if it is not in a locked in RRSP , i.e withholding tax etc . You cannot just access an RRSP without any penalty, until you convert it into a pension income stream, such as a RIF.

Unfortunately , regarding how regulations work within Canada, I cannot advise clients as far east as Ontario so therefore would not be able to help with your transfer.

Unfortunately I haven't found many other advisors , that do what I do , based in the East , so would not even be able to point you in the direction of somebody that could help you.

I am exploring the possibility of getting licensed in Ontario, and this may happen in the near future, but until then BMO Nesbitt Burns should definitely be able to confirm if they are able to transfer into a non locked in RRSP or not !!!. If you are unsure ( or they are !!) it may be wise not to move it until you know 100% that it is going into a NON- LOCKED IN RRSP

manchester mike

Hi, The experts on this type of transfer in Ontario are UK2Canada Pension Transfers....call them on 1-888-511-9766 and they will be able to tell you very quickly if they can facilitate the transfer of your UK Pension Funds into an Regular RRSP in Ontario.....Regards.....Mike

craig_hoxton

I'd just like some clarification: do you have to wait five years before you can transfer a UK occupational scheme to a Canadian RSP?

Or can you transfer across any time but not touch the money for five years unless you want to be hit with taxation from the UK AND Canada?

Have been in Canada just 5 months and the local branch of my bank (Scotiabank) said I should transfer the money from my scheme into my regular bank account and then open an RRSP - from what I've seen on this thread, I think that's not the correct thing to do as my UK scheme won't transfer into a bank account, only an RSP on HMRC's list.

manchester mike

Hi Craig, The five years is referring to the number of complete tax years you need to be out of the UK before your transferred pension funds (assuming you did transfer them) can be accessed by you here in Canada, without there be any tax liability to the UK.
Your UK Pension funds though would be eligible for transfer overseas as soon as you left the UK. You would have to make the personal decision though,that you intend to stay in Canada, to think of transferring the funds.
There would obviously be a possible Canadian tax liability any time you are withdrawing from your RRSP. Which is where the transferred funds will have gone... into a regular RRSP.
I have to agree with the adviser out West who says earlier in this thread that there is so much disinformation out there on the UK Pension Transfer subject.
The UK2Canada folk I mentioned know all the details ....they are all fellow Brits and have pretty well all the answers .....They are based in Guelph, Ontario and you can visit them there or email them at [email protected]...

Cheers.....Mike

mjwalker007

Hi Craig

Unfortunately Scotia Bank are giving you totally false information.

You cannot transfer any pension funds from the U.K direct into a regular bank account in Canada. It has to be transferred into a QROPS registered RRSP scheme in Canada.

You do not have to wait 5 years before you transfer your pensions to Canada. If you are residing in Canada, and you feel that you are likely to remain so, You can move your pension funds over from day one ! the five year rule relates to RRSP provider in canada not reporting any withdrawls that you may make from the pension transfer after it has moved into the RRSP, to the HMRC . They are not required to do this after you have been non resident in the U.K for 5 years or more.

Hope this helps, and if you need any further information just drop me a line.

manchester mike

Hi Craig, I posted on this thread last year and have not revisited the thread since today. My apologies to Celia ...I didn't see your reply to my thread but looks like you have got things sorted out...Great.
I have just seen mjwalker's reply from BC and he is bang on with his 5 year comments. You can transfer your UK Pension funds as soon as you arrive in Canada and effectively become a non-resident...You just have to make the decision that your move is permanent and you don't intend returning to the UK to live before you decide to transfer.
As I mentioned last year things have really simplified as far as UK Pension Transfers are concerned and as a Financial Adviser here in Guelph,Ontario (and any comments I make only apply in Ontario ....sorry) I have been involved in the successful transfer of funds from Works and Personal Pensions for over 130 clients in 2008 alone. All into regular RRSP's
Having worked as an adviser in the UK I can understand the reluctance of some Canadian companies in getting involved in the Pension Transfer business.
However it really is a different proposition to the UK Domestic Pension Transfer scenario.
The big difference being for me that In Canada you have a range of options available to you from transferring your monies into a regular Canadian RRSP...plus the option of using part or all of your RRSP fund to purchase an annuity ( simply a monthly or annual pension ) In the UK you only really have the annuity option.
It really is very simple now....Thanks BritishExpats, I am getting the thread notifications and I will personally reply to any Ontario specific UK Transfer questions....Kind Regards.....Mike

uk2canadapensiontransfers.com

craig_hoxton

Mike, MJWalker - thanks for answering my question!

That's one less worry for me!

Paul Wildy

If the fund they are transferring it to IS listed as a locked-in fund then you already have the answer - the fund will be locked in. You need them to confirm that they will be transferring it to a non locked-in regular RRSP.

I think the problem is that not all the advisers know how to do it. Even though I worked with a guy from BMO Nesbitt Burns in Nova Scotia (Kevin Sangster), he in turn sought advice from a collegue in Toronto (Kevin Devine) on how to actually facilitate it. PM me if you need contact numbers.

mjwalker007

This is correct, BMO may offer this service, but in reality many of the Canadian advisers do not know the process and do not know the fundamentals of UK Pensions to be able to offer the correct advice.

U.K Pensions are fairly complicated , you need to know everything about the type of U.K pension that you have, to be able to make an informed choice whether to transfer the pension to Canada. i.e are their exit penalties , are there MVA`s on a with profit fund, important information to know.

As mentioned , this is where my clients benefit from the experience I have in dealing with U.K Pensions for over 10 years. I sit with my clients and explain all of the important information regarding the type of pension that the hold in the U.K

I offer my clients non locked in RRSP funds within Canada. Unless there is a specific reason why my client wants to move their U.K scheme into a Locked In RRSP

Again the government are changing the rules all of the time regarding moving pensions abroad ( unfortunately not for the better !)

They have stopped all QROPS being transferred to singapore and they have now placed restraints on QROPS transfers to Jersey , so trying to make the rules very similar to the U.K

Therefore if you do have U.K pensions, and your plans are to stay in Canada, you should definitely see if their are benefits for moving your pensions to Canada, as the U.K government are altering the rules, and this may restrict you from doing this in the future.

manchester mike

MJWalker out in BC has a very good handle on UK Pension Transfers.....Good job !.....If I get any BC enquiries I will send them on to you...I am having my website made a lot clearer to understand ......it should be up early next week.....I will post again then with details for interested parties in Ontario.....Kind regards and Happy New Year to all !.......Mike

rae

any experience in transfering police pensions, i noted earlier on someone asking about the NHS and it not being a problem, can i assume that other public sector pensions, like the police would be the same? thanks rae.

chumley

mark do you deal with all provinces? im in NS and not got PR yet but have a civil service pension

ive been in canada 9 months my pension isnt due for several years but I would like to transfer it

thanks

manchester mike

Hi Rae, Yes I have dealt with various Police Authorities....Lancashire,Cheshire,Sussex and Metropolitan in particular.We deal face to face with all our clients though and as we are in Ontario you will need a contact out in AB......maybe MJWalker knows somebody out there.....he's in BC I believe .....Regards......Mike

mjwalker007

Thanks Mike, Vice-versa for anybody needing help over the east side !!

Hi Rae and Chumley,

Police pensions will be the same as any public service pension.

The only difference may be an earlier retirement age when you can actually start drawing the pension in the U.K (would need to check with the pension provider)

But regarding the type of pension, this should not cause any problems in respect of bringing it to Canada.

As mentioned the first step would be to get up to date information from your company pension provider.

If you would like any help with this please feel free and drop me a line.


In connection to being able to offer advice in NS. I am currently only able to help clients based in British Columbia and Alberta.

When it comes to advice, Canada is very provincial based !! I may be looking to offer advice in other provinces in the future, but Canada is a very big Country !!!

rae

thanks to you both i'll let you know. my future in canada is far from certain, though i do not want to just leave quite a big pot just sitting in the uk, so we'll see, thanks rae.