Cost of Transferring

Cost of Transferring Your Pension

At Strata Wealth, we do not charge our clients an out-of-pocket fee for transferring their pension account from the UK to Canada.

We are 100% compensated by the investment company that you invest your funds with when they arrive in Canada. As a result, this helps make the transfer process relatively straightforward because it removes a large burden of costs incurred by you.

If your pension value is over £30,000, you will have to incur some costs to have an independent financial advisor in the UK complete an analysis of your pension. Continue reading below for more information on this.

Is Your Pension Value Over £30,000?

HMRC introduced a new requirement in 2019 which basically states that if your pension is over £30,000, you are required to have an independent financial advisor in the UK do a full review of your pension.

We can refer you to a qualified UK advisor who can complete this review for you, but they do charge a fee which depends on the value of your pension. You will be billed directly by their firm to complete the audit which is required before we will be able to move forward with your pension transfer. Unfortunately, there is no way around this as it is a requirement set out by HMRC.

Did You Know? 

When transferring a pension from the UK to Canada, the funds have to be invested in either a RRSP or RRIF account once the money arrives in Canada. Choosing between the two account types will depend on your age and income needs.

You must be age 55 or older for your pension to be eligible to be transferred from the UK to Canada.

Why Choose Us?

Our clients mean everything to us and we’ve worked hard over the years to build a team focused business that is tailored to their needs.

We are excited to say that one of our advisors, Simon Huften specializes in working with expats who want to transfer their pension assets from the UK to Canada. Simon brings many years of experience in the financial industry and is supported by the entire Strata Wealth team. He manages existing QROPS RRSP/RRIF accounts in Canada as well as assists new clients with transferring their pension assets to Canada.

Whether it be assisting with your UK pension transfer, financial planning, mortgage or taxes, The Strata Wealth Team has specialists in all areas in the wealth sector.

  • Over 10 years experience
  • $100+ million in managed assets
  • Personalized service either in person or virtually
  • No out of pocket fee charged by us for pension transfers
  • No load options for investments to ensure no penalties or fees for withrawing money
  • Variety of retirement income and saving options
  • Complete transparency in all aspects

Free Consultation

Contact us today for a free, no obligation review of your UK pension.

Simon was great to work with. I had some initial concerns, but he walked me through everything and made me completely comfortable. He is very professional and quick to respond. I’d highly recommend.

P. Wasylkiewicz
Edmonton, Alberta

Contact Us Today for a Free, No Obligation Review