Police Pensions
#31
Just Joined
Joined: Feb 2008
Location: Quebec
Posts: 3
Re: Police Pensions
Pros & Cons - very simplified version of some info I've gleaned - and in no way constitutes financial advice !!! In no particular order ...
Once you stop contributing, your UK pension pot will almost freeze, and will likely only have possible growth in the region of 1-2%.
If you bring over your UK pension and put it into new investment(s) in Canada - you would anticipate a reasonable growth - hopefully considerably more than 1-2%. And I guess I'm talking 4-10% depending on how risk tolerant or risk-adverse you are. You can bring it over tax free. As far as I understand, the funds must be placed in specific approved schemes - not just tucked into your savings account.
You can collect your UK police pension at 60.
You can access your Canadian pension from 50.
If you die before your spouse, your UK widow(er)'s pension is reduced.
If you die before your spouse, your Canadian pension's entire sum is rolled over tax free to your widow(er)
When your spouse dies, all UK pension payments end - and any remaining funds go back into the 'big' pension pot.
When your spouse dies, the (Canadian) remaining funds are distributed to your beneficiaries.
If your money is transferred over to Canada, the government allow you access to withdraw up to $20,000 to use to purchase your first home (with certain qualifications).
If you stay in the UK, and continue contributing to your UK police pension, it is a very good one! It is index linked - and you get the lump sum at the end ....
If you start paying into (for example) the Calgary Pension Scheme, this is not index linked - and there is no lump sum at the end. (And contributions are not dissimilar at 10.1%).
If you bring your UK police pension over to Canada, make sure you are staying and want to grow old here ! Do not move the funds twice.
I can forward details of some consultants who can handle the transfer for you, if you are interested. They came to CPS at the end of October to give a seminar. We know of people of have used them quite happily and successfully. It is not the kind of thing you can do alone.
We have not yet decided whether to bring our pensions over!
Once you stop contributing, your UK pension pot will almost freeze, and will likely only have possible growth in the region of 1-2%.
If you bring over your UK pension and put it into new investment(s) in Canada - you would anticipate a reasonable growth - hopefully considerably more than 1-2%. And I guess I'm talking 4-10% depending on how risk tolerant or risk-adverse you are. You can bring it over tax free. As far as I understand, the funds must be placed in specific approved schemes - not just tucked into your savings account.
You can collect your UK police pension at 60.
You can access your Canadian pension from 50.
If you die before your spouse, your UK widow(er)'s pension is reduced.
If you die before your spouse, your Canadian pension's entire sum is rolled over tax free to your widow(er)
When your spouse dies, all UK pension payments end - and any remaining funds go back into the 'big' pension pot.
When your spouse dies, the (Canadian) remaining funds are distributed to your beneficiaries.
If your money is transferred over to Canada, the government allow you access to withdraw up to $20,000 to use to purchase your first home (with certain qualifications).
If you stay in the UK, and continue contributing to your UK police pension, it is a very good one! It is index linked - and you get the lump sum at the end ....
If you start paying into (for example) the Calgary Pension Scheme, this is not index linked - and there is no lump sum at the end. (And contributions are not dissimilar at 10.1%).
If you bring your UK police pension over to Canada, make sure you are staying and want to grow old here ! Do not move the funds twice.
I can forward details of some consultants who can handle the transfer for you, if you are interested. They came to CPS at the end of October to give a seminar. We know of people of have used them quite happily and successfully. It is not the kind of thing you can do alone.
We have not yet decided whether to bring our pensions over!
very good advice. many thanks for taking the time. please could you forward the contact details of these pension companies. regards Adeela
#32
Re: Police Pensions
Hi adeelakhan
The company that visited CPS in October are Investors Group Finanical Services Inc (based in Hamilton, ON)
Contacts are Brian Lewington or Peter Martin - Tel (800) 561-0659
or email [email protected]
and another company that is more local to Calgary, but no doubt can work with people anywhere in the country is :
http://www.vision1financial.com/
I cannot personally comment on either - but I know people that have used both companies and have been more than happy with advice given ....
The company that visited CPS in October are Investors Group Finanical Services Inc (based in Hamilton, ON)
Contacts are Brian Lewington or Peter Martin - Tel (800) 561-0659
or email [email protected]
and another company that is more local to Calgary, but no doubt can work with people anywhere in the country is :
http://www.vision1financial.com/
I cannot personally comment on either - but I know people that have used both companies and have been more than happy with advice given ....
#33
Just Joined
Joined: Feb 2008
Location: Quebec
Posts: 3
Re: Police Pensions
Thanks Ann, for the info. I will make contact this coming week and give you feedback if you like. Kind regards Adeela.
#34
Banned
Joined: Mar 2007
Posts: 17
Re: Police Pensions
Just a quick follow up with Ann M's post. The e-mail for Peter Martin should be [email protected] There is no period between investors and group.