Not every UK pension is eligible for transfer.
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Not every UK pension is eligible for transfer.

By August 14, 2020 September 29th, 2020 No Comments

If you worked in the UK and left behind a pension plan when you took up residence in another country, the pension proceeds can usually be transferred to your new home. There are two major exceptions: The first is the old age or state pension and the second is any unfunded pension plan (often provided by the Public Sector e.g. National Health Service, Teachers, Civil Service, Police, Military). If you qualify, these pensions can be paid to you in Canada but cannot be transferred out of the UK as a lump sum.

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Your RRSP contribution limits are not affected even if you deposit a large amount from a recognized UK pension plan to a Canadian QROPS.

Your RRSP contribution limits are not affected even if you deposit a large amount from a recognized UK pension plan to a Canadian QROPS. You declare the amount transferred as income on your Canadian tax return and then take a…
Did You Know?

When your pension plan starts paying out, the amounts received will be taxable in Canada whether you leave the pension in the UK or have it transferred to Canada.

If you transfer your UK pension to Canada, it may qualify to go into a special type of RRSP. There is no tax on the lump sum transfer and you would only pay tax when you take some money out.