Worked in the UK? Age 55 plus?
Frozen Company Pension Scheme?
Residing in Canada Long Term?
Working in the UK 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 stand in your way.
The truth is a UK pension transfer can be complicated and stressful - if you don't have the right assistance. Dominion FM can help you move your pension over without the stress of navigating what is a highly complex area from recognised experts in the field. With our professional QROPS service, you can transfer your pension from the UK and reap the many financial benefits this 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
If so, get in touch with us today to help you transfer your pension funds.
We'll set up a consultation to explain our QROPS to Canada service in more detail.
You can benefit from UK pension transfers using a HMRC ROPS
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.
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.
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.
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.
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.