nivlad

Hi

I haven't been on here for years!!!

Anyway, 10 years after moving here I want to transfer my pensions to my Great West Life company RRSP. GWL are not a member of QROPS. I also have another RRSP with RBC but the same thing, not a member. So, would it be allowed for me to get another RRSP with a company on the list? Then, transfer it to my GWL or RBC RRSPs

Also, anyone used a company over here (canada) to help? If so whats the cost?

All these questions - i feel like a newbie

cheers
Stew

Hurlabrick

I am not a financial adviser, but I have worked in UK Pensions for 35+ year (I am Canadian by birth and likely to move back to Canada in the next 2/3 years).

You would be best advised to go through a financial adviser, this chap seems to specialise in UK to Canada transfers (No, I have no connection at all with him):

<<<snip>>>

How old are you?

What type of pension do you have in the UK - a personal pension / defined contribution type or a final salary / defined benefit type?

Generally not usuaolly considered to be a great idea to transfer-out of a final salary scheme. You can of course move personal pension or group DC monetary 'pots' to a Canadian equivalent via QROPS legislation.

UK pensions legislation is going through the largest change since the 1950's without any hyperbole! QROPS was all about making sure that you could not transfer a UK pension into an overseas one and take out more money than would be permitted under the original UK legislation.

But from April 2015 in the UK, from age 55 on you can take out 25% of the value tax free (this has always been allowed), AND take the remainder out as well - albeit subject to UK tax at your marginal rate (i.e. it is treated like salary income in the tax year you take it all out, so you pay UK basic rate tax up to £32k, then 40% after that). Then you can do exactly what you want with the money (the UK pensions minister famously joked about buying a Lambourghini if you wanted!)

There are so many changes going on and so many detailed rule changes that the UK government have not gotten around to deciding how QROPS is affected with these huge pension changes. I think it will start to become clear from mid-2015 onwards when they get around to this. If you are not in a hurry (sounds like you are not), then probably best to wait until the dust settles to see what this means for QROPS.

This is an area very close to my heart (where I keep my wallet!) too as I am over 55 and probably moving to Canada in two years myself!!

CDNReturner

Nivlad,

Do a search on previous posts for QROPS and you will find some suggestions. I myself am just starting on this process and am going thru ScotiaMcleod/Scotiabank. I have a meeting scheduled for next week.

Personally, I'm getting a bit concerned as the UK seem to be allowing me less and less control over my money these days (as non-resident). Also, for me, after 10 years in Canada, and missing the boat on the exchange rate 10 years ago I feel the time is right to bring the money over with the better exchange. Yes, it's possible it will get even better but for me at wanting access to my pension in 5 years I feel the time is right now.

I know the UK has changed a lot from April this year but at the end of the day I'm tax resident in Canada and suspect that despite the new UK rules I'd still be tax liable here anyway.

Tigger1

I did a QROPS transfer to CIBC, in theory you could transfer to another account but you would have to withdraw the funds (pay tax) and then pay into the other account. It may just be easier to open a QROPS approved account.

nivlad

HI guys, thanks for the replies. I think I'm going to wait and see what happens then probably later this year open a QRPOS registered RRSP (is there a limit to the number of RRSP you can have? I have 2 at the moment).

Siouxie

You might want to read this post - a UK pension transfer may not be possible after 6th April if it's a Public Service pension.

http://britishexpats.com/forum/canad...ng-end-849848/

sms1984

Investors Group are registered with QROPS and you would be able to transfer to them from elsewhere

the_tones_guy

Hi - I saw an ad on TV for these folks: UK 2 Canada Pension Transfers

I made contact and got a reply (interestingly though, it was the 3rd time I emailed after seeing their ad on TV and they only replied once, yestersday).

I did watch a number of their videos and I'm sure they do transfer pensions to Canada and I'm sure everything will be fine.

BUT maybe I'm stupid (probably), but what is the benefit of me transferring it to Canada?

I'm a Canadian citizen now (46 years old) and have my UK state pension (I seem to remember option out of SERPS, whatever that was), and I am still paying my stamp each month (it's like £12), also have a couple of older company pensions too.

But what's the benefit of transferring it to Canada?

Hope you can help?

CDNReturner

Yes, these are the people that never got back to me either despite that fact I live in Guelph where they are based, AND, having left a message with a real LIVE person.

the_tones_guy

I have posed the 'what are the benefits question', I'll let you know.

sms1984

Where who is based? Investors Group head office is Winnipeg

CDNReturner

UK 2 Canada Pensions Transfer. Don't know why they pay for advertising when they don't answer emails or respond to messages left with LIVE people. It was not like it was a measly sum of money.

sms1984

Ahh I see. Well I work at an IG office but as each financial consultant owns his own business under the umbrella of IG I can't speak for other consultants.

Atlantic Xpat

You can't transfer your state pension - the one you are paying your stamp for. The question relates to company final salary or money purchase schemes you hopefully have in addition to the state pension.

Fwiw I have two final salary schemes in the uk. I plan to keep them there unless anything changes significantly in regulation or personal circumstances.

the_tones_guy

Well, if the company from the telly's actual service mirrors their initial customer acquisition customer 'service', I'll be keeping my company pensions in the UK too.