With regards to UK pensions that you have left behind, this is a very complex area of planning as the main issues involved require an understanding of the specific tax position in Canada. Dominion Financial Management is not authorised to provide tax advice in Canada but is aware of the issues involved and can explain to your own tax adviser in your country of residence the options available to you. For example:
HMRC have recently approved 3 QROPS schemes in Canada which are available currently for transfers for people who have reached the age of 55. The ability to transfer your UK pension scheme to a Canadian RRSPis once again available. The 3 providers have very different offerings and analysis will be required to determine which is the most suitable for you.
For those under the age of 55, the ability to transfer between UK schemes is not certain so caution should be exercised before doing so. The difference in tax treatment in Canada between a UK pension scheme that has employer contributions and one that does not is severe and detailed advice should be taken before you consider transferring any arrangements.
It has been our experience that the information provided by Financial Advisers in Canada as to what is involved (and the tax implications) is not very detailed and they leave it up to clients to figure it out themselves. In particular, the FCA requirements for a Defined Benefit transfer are seriously misunderstood in Canada and clients are often shocked when we inform them about what is actually required.
We consider ourselves to be the foremost expert UK-based Financial Advisers in this area and have over 10 years’ experience in dealing with both returning Canadian citizens and newly emigrated UK ex-pats.