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.
You're in safe hands with Dominion Financial Management. Our Canadian QROPS expert, Jim Bell, has worked in the Financial Services Industry for over 20 years in various roles. He has gained experience with Barclays Bank prior to working in a Senior Corporate role at Standard Life.
Jim has been advising throughout his career to both individual and corporate clients, both in the UK and overseas.
He grew up and was educated in Canada and obtained a Degree in Economics from The University of Western Ontario before passing the prestigious Canadian Securities Course.
His UK qualifications include The Professional Investment Certificate (AFPC equivalent) from the Institute of Financial Services (IFS), CeMAP, Pensions Simplification qualification (CF9) and in 2014 he obtained the Certificate in Automatic Enrolment from The Pensions Management Institute.
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.Contact
With 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 financial 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 Schemecontact us
I would like to thank Jim Bell and his team at Dominion Financial Management for all of their hard work in managing the transfer of my UK pension to my QROPS in Canada. I had been badly let down by another UK advice firm at the last minute, and thankfully was then referred to Dominion. This turned out to be a blessing in disguise as the Dominion FM team are true experts in the QROPS transfer process. Jim and team guided me step by step through the process, and they were never too busy to answer questions by phone or email. I have no hesitation in recommending Jim and his team at Dominion to carry out anyone's pension transfer
In business it is often quoted “That a company should always be judged by their customer service in handling a crisis”. Dominion Financial Management and especially Helen should win an award. They ironed out all of the issues we had while transferring our pensions to Canada from the UK. I would highly recommend this company for their knowledge on transferring pensions, their professionalism on dealing with many factors of this process and above all their customer service, which was exemplary, especially when things go wrong.
You need to employ the service of a registered UK Financial Adviser to carry out the transfer of your pension. As experts in this field, we'll handle everything on the UK side of things. In turn, this ensures that your QROPS transfer is 100% legal, falls within the financial regulations, the HMRC guidelines and avoiding costly tax charges or mistakes.
Many UK residents have tried to conduct a QROPS Canadian transfer on their own, running into stumbling blocks along the way. Aside from being incredibly costly, you may run into tax trouble with the HMRC. Let us take this worry off your shoulders by offering expert financial guidance to get everything done swiftly and correctly.
Your 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
Transferring your UK pension to Canada using QROPS gives you more
options for managing your retirement funds and is far more tax efficient. However, before you transfer your pension,
you need to make sure you receive the right advice and support.
When you use a professional pension transfer service, you can guarantee that you're making the right choices and that you are able to transfer your pension in the most tax-advantageous way.
We can help both ex-pats who are Canada-resident UK citizens and Canadians who have returned home after spending a significant period of time working in the UK. If you hold a UK pension, are over 55, and intend to live in Canada for at least five years, you can benefit from transferring your pension.
One of the key advantages of a QROPS is that you can grow your investments above the value of the UK Lifetime Allowance post transfer. When you have a registered pension scheme in the UK that is valued above the prevailing Lifetime Allowance, tax recovery charges can be 25% or 55%.
With our financial advice and guidance, you can transfer your pension whilst your pension plan is valued below this amount to protect against this tax charge in the future. Any growth in value that exceeds the lifetime allowance figure will no longer have to deal with the excessive 25% or 55% tax rates. Consequently, you save money and can maximise your pension.
Take control of your pension and bring your funds to Canada. Invest your money to aim for bigger returns
Bring together multiple occupational pensions into one to manage your funds easier and with less stress
Have greater flexibility on your pension and retirement funds by transferring them to Canada working with us.
Using Dominion FM and our expertise in QROPS for Canadian residents helps avoid costly mistakes
Keeping your UK pension in the UK presents a few exchange rate concerns for you to deal with. When payments come in from your UK pension, you get them in GBP. Thus, the payments have to be converted into Canadian Dollars.
Every single payment will have to do this, meaning you can suffer from fluctuations, bank charges and delay issues.
In essence, you may not receive as much money as you are entitled to because of currency rates. Things get worse when you consider the pension fund assets and liabilities. As a Canadian resident, at the age of 55 or over, you now plan on retiring. So, all of the liabilities are paid in Canadian dollars, meaning they have to be transferred back into GBP to pay your UK pension provider.
As you can already see, this gets so complicated and confusing - not to mention the fact that exchange rate fluctuations could put you in a position where your liabilities are more than your assets.
Transferring your pension to a Canadian QROPS will avoid any of these exchange rate headaches. when your pension is in Canada, meaning you only deal with it in Canadian dollars. Any payments you receive are in the local currency, as are your liabilities.
To avoid these headaches, additional charges and fluctuations, get in touch today to discuss your circumstances.
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.
Financial advisers in the UK help you with FCA mandated advice required when transferring your pension to Canada. When you seek advice and assistance with the process from Dominion Financial Management, we will offer advice on the eligibility of your transfer and the tax consequences. You will also receive advice on filling out the necessary forms and completing the process.
Not all UK pensions can be transferred with a QROPS. Occupational pension plans can be transferred to Canadian RRSPs, which can provide tax benefits in both the UK and Canada. Personal pensions can be transferred tax-free from the UK but might incur a tax penalty in Canada, as they cannot be transferred to an RRSP. State pensions cannot be transferred to Canada from the UK.
A defined benefit pension is based upon a number of factors, often the number of years you have worked for your employer(s) and your final salary (these are sometimes referred to final salary schemes). Large employers, civil service/public sector organisations are known to have run these schemes over the years, but are becoming less common place.
Defined contribution schemes are based upon the amount of contributions paid into the scheme, by you and if applicable, your employer. The overall worth of your pension fund is reliant upon the performance of your investment. These schemes are the most common form of workplace pensions.
Some people are required to obtain advice from an FCA-approved adviser before transferring their pension. This may include you if you have "safeguarded benefits" and you have more than £30,000 in funds. A financial advisor will ensure you carry out the process of transferring your pension legally and efficiently in line with HMRC requirements.
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.
If you plan on retiring in Canada and have a qualifying UK pension scheme, we can help you.
As professional and licensed financial advisors, we are the experts that can help you transfer to a Canada QROPS legally.
We do not offer state pension fund transfer or advice, but our services are open for both private and occupational pensions.
Fill in a form to get in touch with our team, and we can set you on your way to transferring your pension today.
We can help you transfer your pension from the UK to Canada
under the Qualifying Recognised Overseas Pension Scheme