UK Pension transfers are available in Canada again with QROPS!
Effective September 2019 through Landolt Financial will guide you through the transfer process. * In February 2017, the UK authorities removed the ability to transfer UK pension funds to Canada. In September 2019, the UK government reinstated this. Do not miss out on the opportunity to transfer your UK pension funds to Canada.
Why transfer?
Established income stream and potential for increased income
By transferring your UK pension fund to Canada, you will know what your income stream will be since you will be eliminating fluctuating exchange rates. Many pension funds provide little choice on how funds are invested, by working with us, we can create a portfolio to generate the the income you need.
In addition to the main use of life insurance that we have discussed above, such policies can also be financially beneficial to you in other ways:
- It is possible to build a nest egg of savings for your retirement at the same time as benefitting from the protection of insurance.
- You have the choice of naming a charity of your choice as a beneficiary in the policy to donate some or all of the cash sum to them.
- You can use the policy to cover estate taxes when you die.
- If you own your own business, you are able to protect your interests as the policy would provide the funds to buy out a deceased business partner’s part of the company.
No liability to UK tax on pension income
Once transferred, the pension income is only taxable in the country of residence.
Ease of Estate Planning
By transferring your UK pension to a Canadian RRSP, on death, the full value of your pension fund is rolled over to your surviving spouse tax free with the remainder available to your beneficiaries.
In the UK, depending on the company pension scheme, on death, they may only pay 50% of the original pension to your spouse. Once your spouse passes on there is nothing left to leave for your beneficiaries.
Increased flexibility
Most pension funds provide little choice on how funds are invested, by working with us, we can create a portfolio that suits your needs.
In the UK, most pension withdrawals start at age 55 onward, in Canada you have different options that will give you flexibility on the amount of income you receive in retirement.
Lock in exchange rate of your pension
Lock in your exchange rate and have your pension income be paid out in Canadian dollars and avoid a fluctuating exchange rate.
Who Is It For?
Anyone that has a UK pension scheme
- Canadian resident
- Plans to live in Canada for a minimum of 5 years.
55 years of age +
55 years of age or older to open a QROPS account
Defined Benefit pensions greater than £30,000 & Defined Contribution pension greater than £30,000
With a guarantee about what you’ll be paid when you retire require an FCA approved, qualified UK financial adviser to complete a full analysis of your UK pension scheme and provide you with a Certificate of Advice.
How Much?
In most cases, we do not charge for the transfer of the UK pension fund to the Canadian plan. Rather, we receive compensation from the RRSP provider of the Canadian plan.
The Process
Contact us to learn about the Landolt Financial process.
- We will guide you through the process of the transfer via phone, email, fax or in-person meeting. You will need to sign forms to initiate the transfer
- On your behalf, we will send the “request for a Transfer Value Quotation” to your UK Pension Arrangement.
- After the valuation has been received, we will discuss your options and complete the final transfer forms.