No UK tax liability on any withdrawals you start to make once you retire.
UK Pension Transfers are now available again in Canada!
If you are a British expat living in Canada, consider moving your UK Pension to a Recognised Overseas Pension (ROP).
The opportunity to move your pension to Canada may not last forever. Back in 2017, HRMC removed Canada from the list of approved countries that they will allow a pension to be transferred to, thankfully in 2019, Canada was put back on the approved list.
Contact us today so we can help you decide if this would be the right course of action for you.
Why Move Your Pension to Canada?
You won’t be at the mercy of the exchange rate for any income payments or withdrawals.
Benefit from automatic spousal rollover under Canadian RRSP rules.
Enables a more flexible and simple approach to retirement planning.
How long will the process take?
Once you have decided to transfer your funds and the paperwork is submitted, it can take between 4-8 weeks on average. This is all dependant on how quickly the UK pension provider processes each transfer. We will monitor and chase on a regular basis so that we can get the transfer processed as quickly as possible.
Can I transfer my UK State Pension?
Unfortunately, no you can’t. Your State pension does not have a transfer value (lump sum value) and can only be paid out as a four weekly payment once you reach state pension age. However, it can currently be paid into a Canadian bank account, although under the current rules once this is in payment you will not receive any yearly increases.