A client must be 55 years of age or older to open a QROPS. HMRC regulations stipulate that no payment of a pension may be made before the day on which the member reaches normal minimum pension age, which in this case, is 55 years of age. Furthermore, since contracts are established as RRSPs, the rules and regulations for this investment type also apply.
Qualified Recognised Overseas Pension Schemes (QROPS)
WHAT IS QROPS?
The purpose of this scheme is to facilitate transfer between pension plans in the United Kingdom (UK) to pension plans in other countries that meet the requirements established by Her Majesty's Revenue and Customs (HMRC) of which Canada is one of those countries.
BENEFITS OF TRANSFERRING YOUR UK PENSIONS
To benefit from market growth potential with all the benefits of segregated funds.
To benefit from a wide range of funds managed by highly competent professionals.
Quick and confidential transfer to heirs at death - no probate fees (1)
WHAT KIND OF PENSION PLANS ARE ELIGIBLE FOR TRANSFER?
Here is an example of some Pension plans that could be eligible for transfer (2)
Defined contribution (DC) pension schemes.
Private-sector defined benefit (DC) schemes.
Funded public sector defined benefit (DC) schemes.
WHAT KIND OF PENSION PLANS CANNOT BE TRANSFERRED (2)?
UK State Pension.
Unfunded public-sector defined benefit (DB) scheme.
WHAT ARE THE FIRST STEPS IN THE TRANSFER PROCESS?
Call us at 250 717 8800 or email us firstname.lastname@example.org and we can walk you through the process making it easy and straightforward with team members who have first-hand experience of this process - with offices in Kelowna and Calgary we have you covered!
(1) possible with a beneficiary designation.
(2) For more information on pension schemes and their transferability, you may contact a UK tax specialist or UK financial advisor (fees may apply)