Understanding the Qualifying Recognised Overseas Pension SchemeLearn more
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
We can help you transfer your pension from the UK to Canada
under the Qualifying Recognised Overseas Pension Scheme
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
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.
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
Let us help you transfer your UK pension to Canada under QROPScontact