Living in Canada? Do you have a UK pension plan?
We can help you to transfer the pension plan, avoid a potential tax liability and grow it faster.

        Can all pensions be transferred tax-effectively?
        I'm already receiving my pension - can I transfer it?
        I am entitled to an old age (state) pension - can I transfer that?
        How much does it cost?
        Will my RSP contributions be affected?
        Are my investment choices limited?
        If I transfer my pension, when can I start drawing it?
        How long does it take?

We will be happy to try to answer any additional questions - click here to send us an e-mail

No. There are basically two types of pension plan: (1) "Occupational Plans" where as part of a remuneration package an employer provides a retirement plan for employees (sometimes employees are allowed or are required to make extra contributions), and (2) "Personal Plans" where individuals (and or employers) make contributions which are invested to provide retirement income. See our Glossary for further details.

Occupational Pension plans can be transferred to a Canadian Registered Retirement Savings Plan (RRSP). No tax is deducted in the UK and while the monies remain in the RRSP, no tax is payable in Canada.

Although the Inland Revenue will allow tax-free transfers of Personal Pension Plans from the UK, Personal Pensions cannot be transferred to an RRSP in Canada and the receipt of the pension monies could create a tax liability in Canada. We are actively seeking a solution to this problem. Upon request by e-mail we will be happy to inform you when we find a solution or we become aware of changes in relevant legislation. The above is not intended to be a definitive analysis of tax law. The comments contained herein are general in nature and professional advice regarding your particular tax position should be obtained in light of your specific circumstances.

No. Once any type of pension plan - Occupational or Personal - starts to pay out it cannot be transferred. In short, if you are receiving payments from your pension plan it cannot be transferred.

I am entitled to an old age (state) pension - can I transfer that?

No. State pensions are not transferable. However, once you become eligible, you can normally elect to have the payments sent to you in Canada.

We make no charge for our services (although we receive a small commission from the investment managers of transferred plans). Depending on the amount involved, the Investment Managers we work with may charge a small administrative fee. Once they have worked with you to invest the monies in a portfolio that suits your needs, fees will become payable. The fees depend on the types of investment and service you choose. They will be disclosed in advance and are highly competitive - in fact the same fees payable by clients who have not transferred a pension.

No. If your plan is eligible for transfer, you will receive what amounts to a one-time increase in the RRSP contribution limits. You declare the pension transfer as income and then take a deduction for the contribution to the RRSP. The net result is no tax while the funds remain in the RRSP and you can continue to make annual RRSP contributions in accordance with the government rules.

No. Transferring a pension plan to an RRSP allows you to invest in just about any type of investment. With the help of you personal Investment Adviser, you will set up a portfolio that contains the mix of cash, bonds, mutual funds and equities that suit your needs. At one time there was a requirement to limit the amount of an RRSP that could be invested outside Canada. These limits have now been completely removed. Your adviser will review your portfolio regularly to make sure it remains appropriate for your needs.

You may withdraw money from the RRSP when you reach "normal minimum pension age" as defined by the Inland Revenue. It is currently 50 and is set to rise to 55 by 2010 but may be changed from time to time. Any withdrawal from an RRSP is subject to tax.

When you have provided the Investment Adviser with your plan details, he will contact the plan administrators to start the transfer process. While we would hope to bring the monies earlier, we have found that it can take two months to complete some transfers.

We will be happy to try to answer any additional questions - click here to send us an e-mail