QROPS Transfer Process
For years, expats who were residing in Canada were allowed to transfer their UK pensions to Canada into a QROPS (Qualified Recognized Pension Scheme) within certain limits. In February of 2017, HMRC stopped allowing the transfer of pensions from the UK to Canada.
Fortunately on September 15 2019, HMRC started allowing the transfer of UK pensions to Canada into a QROPS. They have added an age requirement which states that you must be age 55 or older to be able to transfer a UK pension to Canada.
If you are age 55 or older we recommend that you reach out to us for a free personalized, one on one consultation.
If you are under age 55 and are interested in transferring your pension, please contact us so we can follow up with you when the time is right.
Did You Know? Strata Wealth does not charge an out of pocket fee to transfer your pension from the UK to Canada. We are 100% compensated by the investment provider who receives your funds in Canada.
Step #1
Introduction & Discovery
The first step is to ensure that you have moved to Canada from the UK, are currently a Canadian resident aged 55 or older and that you have a pension in the UK that you are interested in transferring to Canada.
If so, we need to have a short discussion (either by phone or email) to understand your current financial situation in more detail and determine if it is in your best interests to transfer your pension from the UK to Canada.
Step #2
Gathering Documents
Once we have mutually agreed that it is beneficial to transfer your UK pension to a qualified retirement account in Canada, you will need to authorize us to start working for you. With your consent, we will contact your pension provider(s) to request up to date investment/transfer values, as well as any relevant documents required to start the transfer process.
Throughout this entire process there is no cost for the work we are doing as we are commissioned by the investment provider in Canada.
Step #3
Transfer of Funds
After we have received the necessary information from your pension administrator (current values, forms, etc.), we will be in touch with you to review everything and completed the required application/transfer documentation. This can all be done via phone, email or in person- whichever you prefer.
We will take care of everything including setting up your new investment account in Canada, processing transfer requests, follow-ups, etc.
Why Choose Us?
Our clients mean everything to us and we’ve worked hard over the years to build a business that is tailored to their needs.
We are excited to say that we have an advisor, Simon Huften who 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.
- 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
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.
