Transfer Your Work Pensions
Enjoy More Flexibility and Tax Benefits
Free, No Commitment Consultation
Worked in the UK?
Age 55 or Over?
Frozen Company Pension Scheme?
Living in Canada Long Term?
Working in the UK probably brought many new opportunities to your life, allowing you to save a substantial occupational pension. Whether you are returning home or have decided to emigrate to Canada and become a permanent resident of this country, you may want to bring your UK pension across the Atlantic with you, but many barriers can stand in your way.
Transferring a UK pension to Canada can be complicated and stressful...
...But only if you don't have the right assistance.
Our team at Dominion Financial Management can help you move your pension over without the stress of navigating what is a highly complex area of pension transfer. With our professional QROPS service, you can transfer your pension from the UK and reap the many financial benefits it brings.
We make your life easier, and the best part is there are hardly any qualifying factors to be aware of.
This service is open to anyone, provided you are:
Minimum pension age of 55 or over
Resident in Canada
In possession of a qualifying UK pension scheme
Intending to live in Canada for a min of over 5 UK tax years from the point of transfer
Get in touch with us today to help you transfer your pension funds.
We'll set up a free consultation to explain our Canadian QROPS service in detail.
Benefit today from transferring a UK pension using a
HMRC ROPS
The QROPS (Qualifying Recognised Overseas Pension Scheme) facilitates pension transfers between the UK and other countries, such as Canada, that meet the requirements of the UK HMRC.
The scheme is suitable for you if you have lived and worked in the UK and you now reside in Canada.
You may also be planning to relocate to Canada within the next few years, or perhaps you're planning to retire to Canada.
Transferring your pension to Canada makes sense if you want to have your pension funds in the country that you live in and hold your money in Canadian dollars too.
By transferring your UK pension to Canada, you benefit in several key ways. These may include:
● Capitalising on market growth potential
● Get access to a wide range of funds and more control over your investments
● Grow your pension faster
● Possibility to simplify managing your retirement savings by consolidating more than one pension
● Tax-free transfer of pension funds to your surviving spouse if you pass away
● No risk of losing money through exchange rates in the future
● More flexibility concerning when you withdraw your pension funds
● Creditor protection
At Dominion Financial Management, we can help make a very complicated process as easy as possible. As experts in QROPS pension services for Canada (and as registered UK financial advisers), we have a skilled and qualified team ready to make transferring your pension a reality.
A UK financial adviser is required for safeguarded benefits, which include defined benefit pension plans over £30,000. Safeguarded benefits require review and to be signed off by a financial adviser registered in the UK before the pension can be transferred to Canada. Our specialist services meet this need for you, helping you to transfer your pension legally and in full compliance with both UK and Canadian tax law.
The Qualifying Recognised Overseas Pension Scheme (QROPS) offers a framework by which you can transfer your pension from the UK to Canada. If you have worked in the UK but have now relocated or returned to Canada, you can consider transferring this pension into a RRSP in Canada.
With our pension transfer expertise, you can obtain the benefits of transferring the scheme into the more beneficial Canadian tax system, without the difficulty of trying to figure out the transfer on your own. If your benefits are Safeguarded, you need to appoint a FCA regulated firm to sign off on this.
We are a qualified and registered UK financial advice service. When you need financial advice and assistance relating to transferring a pension from the UK to Canada, Dominion Financial Management takes the pain out of the process and helps you to maximise your pension funds.
ContactWith QROPS, you have the ability to transfer several different types of pension from the UK to Canada.
You might be able to transfer a defined contribution pension scheme, a private sector defined benefit pension, or a funded public sector defined benefit. However, it is not possible to transfer a state pension, or an unfunded public sector defined benefit scheme.
Pensions must be transferred to RRSPs (Registered Retirement Savings Plans), with three currently approved recognised overseas pension schemes currently available for Canada.
The ROPS currently available to transfer your pension to Canada are:
● Cidel Alternate Retirement Plan
● IA Clarington Investments Inc Retirement Savings Plan (QROPS)
● IAG Saving and Retirement Plan RRSP-QROPS
Stay within the Law When Transfering Your UK Pension to Canada
Working with a UK fin
ancial adviser doesn't just make the process of transferring your UK pension to Canada an easier process. It is also legally necessary for some pension transfers. If you have safeguarded benefits and you want to transfer more than £30,000, you must receive regulated financial advice in the UK before you can carry out your transfer. The advice that you receive is intended to protect you and ensure you are aware of all of the advantages and disadvantages of transferring your pension to Canada.
Financial advisers are liable for the professional advice that they give you, meaning that you are protected if you follow their advice, and it is not right for you.However, it isn't only those with safeguarded benefits that can gain an advantage from receiving qualified financial advice. Anyone who is considering transferring their pension from the UK to Canada can benefit from seeking professional advice before doing so, particularly individuals who have high amounts in their pension pots.
Making use of the Qualifying Recognised Overseas Pension Scheme may, at first, seem that it could be complex. However, Dominion Financial Management is here to help. Bringing your pension to Canada delivers a range of tax advantages to your finances, and our advisory and transfer service takes the complexity and daunting task of arranging yourself away from you.
If you are 55 or over, we can offer you advice and make your pension transfer as smooth as possible. Even if you are still under 55, and will be subject to stringent reporting requirements, we can still offer advice on your options, especially if you are approaching the right age to transfer your pension.
Jim and his team at Dominion FM can help you transfer your pension from the UK to Canada under the Qualifying Recognised Overseas Pension Scheme
contact usYour financial adviser in the UK is responsible for sending a number of important documents to your investor in Canada. The forms required are:
● Original termination and/or transfer forms provided by the UK pension administrator
● HMRC member information form APSS263
● UK pension transfer application form
● UK pension plan client statements
● Investment application form for the chosen investor in Canada
Get professional, experienced and qualified advice on transferring your UK pension to Canada today.
Arrange a call back
Have you been a UK resident for most of your life? If so, you may have had multiple jobs, acquiring numerous occupational pension schemes. Additionally, you've taken out your own UK private personal pension schemes along the way. These smart investments ensure that you grow a substantial sum of retirement savings.
Nevertheless, managing all your different UK pension schemes can be stressful and difficult. The admin alone is hard to handle, constantly contacting numerous different people. By transferring your UK pensions to a QROPS in Canada, you can consolidate them all into one Registered Retirement Savings Plan (RRSP).
Of course, you still retain flexibility over the different types of investments in this account. However, the key benefit is that you only have to deal with one statement every month. All of your contacts go through one administrator, rather than multiple. It makes your life significantly easier and gives you more control and assurance over your consolidated pension schemes.
As a Canadian resident, with the aid of QROPS, you have greater control over your retirement funds and the investment of your UK pensions. Having this flexibility allows you take advantage of the HMRC overseas pension scheme and the associated benefits.
We can help you transfer your pension from the UK to Canada
under the Qualifying Recognised Overseas Pension Scheme
