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Uk pensions in Canada

Uk pensions in Canada

Old Jan 22nd 2019, 12:31 am
  #61  
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Default Re: Uk pensions in Canada

Thanks for the useful tip. I am in a small town in Ontario where it is hard to find good tax advice. So far it seems to be best to do the research with the help of people like those on this forum.

The UK situation has been a challenge to arrange payments and sort out bureaucracy. (By contrast, I also receive a German pension which was very simple to organise.) Perhaps post-Brexit it will all be simple

If you can recommend a knowledgeable tax account in southern Ontario who has experience with UK pension payments... ??
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Old Mar 17th 2019, 9:56 pm
  #62  
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Hi there I was contacted by an outfit associated with blacktower out of gibralta I have a prudential retirement policy taken out in 1975 I only donated in it for a few years and came to Canada in1980 but it has grown into a substantial pot , went down the qrops path with national bank incidently the only bank that was interested in pursueing a transfer and before it was going to be activated the HMRC blocked all qrops transfers, so I left it running but now is the time Im in the process of finding a way to get it out but theres not a lot of info and also theres the nagging feeling your going to get ripped, its great while your fund is running but when you want to find the best way to withdraw it then the screen turns grey, that's why we are all wary of these advisors...… good luck Bill
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Old Mar 17th 2019, 10:08 pm
  #63  
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Hi I was approached by the same outfit last week but another branch of blacktower I checked them out and they have certifications relevant to gibralta but not what my policy people Prudential recommend for certifications its a black hole this transfer business I have to make a move but very cautious
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Old Mar 18th 2019, 6:18 am
  #64  
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Default Re: Uk pensions in Canada

I would have thought that the Prudential will only allow a firm with UK FCA authorisations to provide advice on this policy. Struggling to understand why anyone would use a firm regulated in Gibraltar, very limited consumer protection there.

Is it an old retirement annuity contract ( https://www.pensionsadvisoryservice....uity-contracts )?

Does it come with a guaranteed annuity ( many of these contracts did )? If so, and it is over 30,000, it will be treated as a Safeguarded Benefit and only a UK FCA regulated firm can deal with this.
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Old Mar 18th 2019, 12:35 pm
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Hi Otto I have been struggling with it for a while on which way to jump Ill probably leave it with the pru but am worried about the double taxation, no intention of using an outside firm at all, they keep calling but no way its going to gibralta, Im in the process of getting to the bottom of the Canada uk tax treaty and how tto deal with the double taxation I just don't want to make a wrong move, also I don't have a spouse but two daughters inthier early thirties so if I croak Id want the balance transferred to them, it does come with a minimum income guarantee thanks for your reply
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Old Mar 19th 2019, 7:11 pm
  #66  
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
Hi I was approached by the same outfit last week but another branch of blacktower I checked them out and they have certifications relevant to gibralta but not what my policy people Prudential recommend for certifications its a black hole this transfer business I have to make a move but very cautious
I've mentioned it many times on here, I used Blacktower and my pension was successfully transferred out of my Ex UK Company and is invested in the UK. They ARE legitimate and I have nothing but good things to say about them.

Saying that if you only worked for a few years you maybe better off taking a pension from the Pru since the independent advisor you need to speak to will probably say it's not worth transferring unless you have more that 100K pounds. There are set fee's to pursue transferring out of your Company pension.

Last edited by Kentonmag; Mar 19th 2019 at 7:15 pm.
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Old Mar 19th 2019, 7:24 pm
  #67  
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
Hi Otto I have been struggling with it for a while on which way to jump Ill probably leave it with the pru but am worried about the double taxation, no intention of using an outside firm at all, they keep calling but no way its going to gibralta, Im in the process of getting to the bottom of the Canada uk tax treaty and how tto deal with the double taxation I just don't want to make a wrong move, also I don't have a spouse but two daughters inthier early thirties so if I croak Id want the balance transferred to them, it does come with a minimum income guarantee thanks for your reply
What is your problem with the 'double taxation agreement' (which all said and done is an agreement designed so that you will NOT be liable for tax in both the UK and Canada)?

When did you 'land as settler' in Canada? Have you already sent HMRC your P85 form (Leaving the UK for good)?
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Old Mar 19th 2019, 7:56 pm
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Default Re: Uk pensions in Canada

probably sticking with the pru as I would lose out on bonuses if I transfer, then theres fees on the other end if I transferred the pots way over 100,000 pounds
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Old Mar 19th 2019, 8:00 pm
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in the works now just waiting for a reply on the double taxation agreement
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Old Mar 19th 2019, 8:21 pm
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Default Re: Uk pensions in Canada

emigrated to Canada in dec 1980, didn't send a P85 form didn't know about it then ,started receiving a british pension 6 years ago also my Canadian wife got a pension also without ever stepping foot on English soil and I also topped up my years for extra pension payouts and on doing that both my wife and I got the extra payouts, my prudential policy ran from 1975 and is still running, I couldn't cash it in it had to run its course I stopped paying into it when I came to Canada, but it has just kept on rolling over and over, now Im glad I couldn't cash it in as its a substantial amount even though I only put 1500 in, lack of brains when your young
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Old Mar 19th 2019, 8:23 pm
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
in the works now just waiting for a reply on the double taxation agreement
Reason I ask is that I have just got mine sorted out some 8 months ago. Mine was a bit trickier as when we moved to Canada for good, we were just under the max no of days in the UK where we could be considered for 'split year' tax treatment. Dropped my P85 in anyway - and got the 'double taxation forms' duly signed by CRA and sent these also to HMRC. Continued to get taxed in the UK until they confirmed I did qualify and refunded all the tax they deducted from my UK Income Drawdown, whereupon of course I was liable for tax on this in Canada.

Job done.
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Old Mar 19th 2019, 8:35 pm
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Im dealing with this slowly and it has been very informative on this site, I didn't even know about the double taxation forms so that was a bonus piece of information, the Prudential are not that helpful on giving that info all they wrote to me was get in touch with HMRC , the guy from Blacktower said I am not qualified to get the 25% cash payment as I live in Canada, so that's the next piece of research I have to do
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Old Mar 19th 2019, 9:11 pm
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
Im dealing with this slowly and it has been very informative on this site, I didn't even know about the double taxation forms so that was a bonus piece of information, the Prudential are not that helpful on giving that info all they wrote to me was get in touch with HMRC , the guy from Blacktower said I am not qualified to get the 25% cash payment as I live in Canada, so that's the next piece of research I have to do
I don't blame the Pru, your tax position is not for them to comment on and they don't have the expertise. Blacktower are right, you don't qualify for the 25%, have a read about it in wiki section here:

http://britishexpats.com/wiki/Transf..._Free_Lump_Sum

One person was very fortunate in getting someone at CRA to agree that their 25% was tax free, but others that have tried the same approach and quoted the letter the successful person received have been turned down, so looks like a 'one-off goof' by CRA.

This is the form I was talking about. Get your Canadian tax adviser to complete it and get it stamped by CRA, then send to HMRC as proof that you are being taxed in Canada. Mention your forthcoming pension and they should issue an 'NT' tax code (No Tax) so that Prudential do not deduct UK tax when they pay out.

http://www.gov.uk/government/publica...nadaindividual
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Old Mar 19th 2019, 9:21 pm
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Default Re: Uk pensions in Canada

thanks Hurl very helpful
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Old Apr 26th 2019, 5:30 pm
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Default Re: Uk pensions in Canada

Originally Posted by Siouxie View Post
Ugh, how frustrating for you!

I worked for 2 FA's a few years back - and the majority of my job was bringing pensions over. I'm sorry that you received such shoddy service from the advisor you used. I regularly was able to get pensions over - from 1st stage to receiving the funds - in about 2 months (with many phone calls chasing departments, lol). If you ever want a recommendation for an FA I would be happy to give you their names - they are very professional, experienced and well respected. I do understand that there are some out there that are clueless, having had conversations with a few of them when their clients got disillusioned and came to talk to the FA's I worked for, lol. (I hasten to add I haven't worked in that industry for 6-7 years, in case you were suspicious of my motives, lol)

Regardless.... I hope that things pan out well for you and that everything goes smoothly...
Hi
I live in Alberta. Im trying to find a financial advisor who could advise on how to best transfer a uk pension to canada. Ive done extensive online searches to find a Canadian company knowledgeable in this area but have not been successful. BTW Ive read all the thread on the subject and it seems pretty hopeless. Any suggestions are most welcome TKU!
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