UK Income Drawdown to Canadian RRIF?
Apr 9th 2015, 7:59 am
#1
BE Forum Addict
Thread Starter
Joined: Apr 2013
Location: London, ON
Posts: 2,485
UK Income Drawdown to Canadian RRIF?
Originally posted to the wrong forum, this looks like the correct one!
I currently live in the UK, but plan a return to Canada in 18 months (Canadian citizen). I am planning to move my current UK personal pension 'pots' to a UK income drawdown plan to release my 25% tax free lump sum for further investment in the UK shortly.
Question is:
With the recent 'pension freedoms' in the UK, I assume that when I do move, I can still transfer a UK income drawdown into say, a Canadian RRIF via QROPS (although it is difficult to see the point of QROPS anymore as what you can do in the UK is much more flexible than a Canadian RRIF AIUI).
Would I simply be subject then to the normal Canadian RRIF rules on taking income (i.e. you must take a sliding scale % of fund that varies with age etc.) and of course subject only to Canadian taxes on the income taken?
I suspect the QROPS rules are now very muddied from the pension freedom legislation..
I currently live in the UK, but plan a return to Canada in 18 months (Canadian citizen). I am planning to move my current UK personal pension 'pots' to a UK income drawdown plan to release my 25% tax free lump sum for further investment in the UK shortly.
Question is:
With the recent 'pension freedoms' in the UK, I assume that when I do move, I can still transfer a UK income drawdown into say, a Canadian RRIF via QROPS (although it is difficult to see the point of QROPS anymore as what you can do in the UK is much more flexible than a Canadian RRIF AIUI).
Would I simply be subject then to the normal Canadian RRIF rules on taking income (i.e. you must take a sliding scale % of fund that varies with age etc.) and of course subject only to Canadian taxes on the income taken?
I suspect the QROPS rules are now very muddied from the pension freedom legislation..
