uk stakeholder pension
#1
Account Closed
Thread Starter
Joined: Nov 2005
Posts: 342
uk stakeholder pension
Hello,
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
#4
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Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
Re: uk stakeholder pension
My experience of financial advisors in the UK is that they have little or no insight into the intricacies of the Canadian tax/financial system. One advisor in the UK even told me that I would not be taxed in Canada on income from my UK investments as they were outside Canada. I argued with him but he stood his ground. He was actually supposed to be the company specialist on international stuff too.
Shop around for advice, you may get several different stories. With any luck you will hear from someone on here who has gone through it and knows for sure.
Shop around for advice, you may get several different stories. With any luck you will hear from someone on here who has gone through it and knows for sure.
#5
Account Closed
Thread Starter
Joined: Nov 2005
Posts: 342
Re: uk stakeholder pension
My experience of financial advisors in the UK is that they have little or no insight into the intricacies of the Canadian tax/financial system. One advisor in the UK even told me that I would not be taxed in Canada on income from my UK investments as they were outside Canada. I argued with him but he stood his ground. He was actually supposed to be the company specialist on international stuff too.
Shop around for advice, you may get several different stories. With any luck you will hear from someone on here who has gone through it and knows for sure.
Shop around for advice, you may get several different stories. With any luck you will hear from someone on here who has gone through it and knows for sure.
#7
Re: uk stakeholder pension
Hello,
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
This guy will be able to answer your question. He posts on here regularly but I can't remember his username: [email protected]
HTH
#8
Account Closed
Thread Starter
Joined: Nov 2005
Posts: 342
Re: uk stakeholder pension
This guy will be able to answer your question. He posts on here regularly but I can't remember his username: [email protected]
HTH
HTH
#9
Re: uk stakeholder pension
I was speaking with Brian Lewington at Sandown (Emigrate show) today.
He was really helpful & knowledgeable. He has dealt with many many UK pensions and their subsequent transfer to Canada.
http://investorsgroup.com/english/default.shtml
He was really helpful & knowledgeable. He has dealt with many many UK pensions and their subsequent transfer to Canada.
http://investorsgroup.com/english/default.shtml
#10
Re: uk stakeholder pension
Just to add, Brian gave me answer to a (pension related) question that I have been trying to find for months. Many other so called experts couldn't/wouldn't help; for that reason alone he gets my recommendation!
#11
Re: uk stakeholder pension
i'm not sure I understand your problem
will you be releasing a lump sum of money for transfer to Canada?
if so, why put it into an RRSP? I can't believe it would be compulsory to do so
if you obtain the lump sum after you obtain PR and tax resident status you may have a problem, but otherwise you have no Canadian tax liability on this money if and when you transfer it to Canada (or leave it anywhere else in the world for that matter) other than on the income the money generates
my opinion (am in similar position), please PM me if you want to discuss details further
will you be releasing a lump sum of money for transfer to Canada?
if so, why put it into an RRSP? I can't believe it would be compulsory to do so
if you obtain the lump sum after you obtain PR and tax resident status you may have a problem, but otherwise you have no Canadian tax liability on this money if and when you transfer it to Canada (or leave it anywhere else in the world for that matter) other than on the income the money generates
my opinion (am in similar position), please PM me if you want to discuss details further
#13
Account Closed
Thread Starter
Joined: Nov 2005
Posts: 342
Re: uk stakeholder pension
i'm not sure I understand your problem
will you be releasing a lump sum of money for transfer to Canada?
if so, why put it into an RRSP? I can't believe it would be compulsory to do so
if you obtain the lump sum after you obtain PR and tax resident status you may have a problem, but otherwise you have no Canadian tax liability on this money if and when you transfer it to Canada (or leave it anywhere else in the world for that matter) other than on the income the money generates
my opinion (am in similar position), please PM me if you want to discuss details further
will you be releasing a lump sum of money for transfer to Canada?
if so, why put it into an RRSP? I can't believe it would be compulsory to do so
if you obtain the lump sum after you obtain PR and tax resident status you may have a problem, but otherwise you have no Canadian tax liability on this money if and when you transfer it to Canada (or leave it anywhere else in the world for that matter) other than on the income the money generates
my opinion (am in similar position), please PM me if you want to discuss details further
Sorry if I hadn’t made myself clear…it’s pension money, not our own cash or lump sum
#14
Banned
Joined: Feb 2009
Posts: 8
Re: uk stakeholder pension
Hello,
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
A Stakeholder pension is a type of personal pension. The only way to transfer it is to a receiving scheme (in Canada or elsewhere) that is also a QROPS.
#15
Re: uk stakeholder pension
Hello,
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
Can anyone confirm that a UK stakeholder pension is classified as coming under a UK occupational pension or not.
I thought it was but after speaking to a uk financial adviser today and explaining our plans of transferring it to Canada, I was told it wasn’t. He said it was classified as a Personal Pension Plan which could create a massive tax liability when the dosh reached a RRSP. I am not doubting his advice, but if anyone has transferred a stakeholder over recently and could advise the tax problem, it would be appreciated.
Thought I’d sussed all this out the other week, but now have no idea what to think??
Thanks
(PS ..If you read this, thanks for the PM MJ)
Hi WoofWoof
Thanks for getting in contact with me the other day, it was great speaking with you.
Hopefully our chat made things a little clearer for you regarding your pension options and good luck with your move.
Any further help , please do not hesitate to contact me again.
Thanks
Mark