woofwoof

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)

woofwoof

neither do I

Edo

Me neither

destinationnovascotia

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.

woofwoof

Thanks........will do.........

woofwoof

blimey ...not another one

Almost Canadian

This guy will be able to answer your question. He posts on here regularly but I can't remember his username: [email protected]

HTH

woofwoof

Thanks

marcustandy

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

marcustandy

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!

john5655

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

woofwoof

Thanks for the reply…its appreciated

woofwoof

Hello John5655

Sorry if I hadn’t made myself clear…it’s pension money, not our own cash or lump sum

Horizon01

Hi

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.

mjwalker007

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