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Investors Group Financial Services has provided advice to many clients on the benefits of moving their UK pensions to Canada. These could be any combination of your UK Company Pension and UK Personal Pension.
Investors Group Financial Services was one of the first financial institutions in Canada to arrange for the approval of a "Qualifying Recognized Overseas Pension Scheme" (QROPS) from the UK taxation authorities , and is a recognized QROPS administrator.
For a no cost and no obligation Pension Transfer Assessment of your UK Personal/Company Pensions please call us at (902) 423 8294 ext 302 or email Vincent or Lorne.
Why Transfer Your UK Pension Funds to Canada ?
- Flexibility of choosing your own investment strategy.
- Ability to use some of the money to purchase your first home in Canada or pay for continuing education to a qualifying institution.
- It is possible to access some of the funds now.
- You will no longer have to purchase a UK annuity. Annuity rates are currently at low levels compared to the historical rates and you may decide it is better to manage the money in your own investment account.
- The funds can be transferred directly into a Canadian Registered Retirement Savings Plan (RRSP). An RRSP is a savings vehicle which will defer/shelter taxation until you begin to draw upon the money.(UK pension legislation requires, as a condition of transfer, that a portion of the transferred amount be used to provide you with lifetime retirement income).
- You will have the option in Canada at retirement of purchasing an annuity (the only option you have in the UK) or leaving your funds to grow tax deferred in your RRSP (which would convert to a RRIF at age 71) until you need to draw some out.
- If you were to die, the full value of this regular Canadian RRSP could be rolled over into your spouse's RRSP with no tax consequences. (Spousal Rollover). If left in a UK pension scheme usually a maximum 50% spousal pension is paid or in some cases all benefits cease.