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UK Pensions

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Old Jul 9th 2012 | 2:05 pm
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Default UK Pensions

This has probably been answered before but I am not sure what happens to our UK pensions. Both my husband and I were paying into one each when we lived in the UK and I'm not sure if they will remain in the UK until we reach 60, or whether we can transfer the value across to a pension in Canada and then add to it? We've been here 3 years, haven't started a pension here yet, which we really need to do, but being able to transfer would be a good start!
Our Financial Advisor didn't seem to know....
Thanks
Melanie
 
Old Jul 10th 2012 | 3:04 am
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Default Re: UK Pensions

Originally Posted by thefinneys
This has probably been answered before but I am not sure what happens to our UK pensions. Both my husband and I were paying into one each when we lived in the UK and I'm not sure if they will remain in the UK until we reach 60, or whether we can transfer the value across to a pension in Canada and then add to it? We've been here 3 years, haven't started a pension here yet, which we really need to do, but being able to transfer would be a good start!
Our Financial Advisor didn't seem to know....
Thanks
Melanie
It is something of a specialty that most financial advisers will not know about. Which province do you live in?
 
Old Jul 10th 2012 | 3:18 am
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Default Re: UK Pensions

We are in Ontario, I did find some more threads on this but to be honest I found them too confusing, I also googled and found companies 'specializing' in this but am sure that there are catches to having them do it all for us, probably cost.
 
Old Jul 10th 2012 | 4:17 am
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Default Re: UK Pensions

There is bound to be a cost. Whoever you ask to do this for you deserves to be paid. Either a fee for service or or the advisor will get commissions for placing your funds. I prefer a fee for service. The funds that pay commissions usually hive higher management charges which, over time, end up a lot more than the fees. This is something to discuss with whoever you choose.

One poster here that operates in Ontario is Paul Bradley. http://pensiontocanada.com/ . I have not worked with him, so don't take this as a recommendation, but I am sure he will be able to chat with you about what is involved.
 

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