WendyJ

I moved to Canada in 2008. The exchange was good so I moved my pension to a QROPS plan here. The pension is in a LIRA under UK addenda (so locked in). I was recently told by the provider that now I have been away from the UK for over 5 years I can unlock the LIRA and put the funds in a Regular RSP. I don't want to physically withdraw anything, just unlock it which means it gives me more freedom in how it's invested. They sent me forms to complete, one of which says that I will be responsible for any penalties that may be incurred. Penalties can be up to 50% of the pension value so I want to be sure I will not get penalized. I have contacted several tax professionals but no one could answer me. I also contacted Inland Revenue direct but they also do not answer questions on individual cases. Ugh! They did send me terms and conditions for withdrawing from a QROPS LIRA which indicate that yes so long as I have not resided in UK for current and 5 previous tax years I should be fine, but there is so much small print and legal jargon in what they sent that it worries me. Has anyone been through the same or know where I could get advice? Thanks!