What is a QROPS?
QROPS = Qualified Recognized Overseas Pension Scheme
A QROPS is a private or public pension account that is held in another country, but has the ability to be transferred to another country. Our services allow us to help Expats who have moved to Canada permanently to transfer their UK pensions to Canada into an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) for many different reasons. You can find more information about UK pension transfers by click here.
QROPS – A Qualifying Recognized Overseas Pension Scheme, also called a QROPS is an overseas (in our case, United Kingdom) pension scheme that meets certain guidelines/requirements which are set out by HMRC (Her Majesty’s Revenue and Customs).
There are certain requirements that have to be met to qualify as a QROPS.
Did You Know?
HMRC shut down the ability to transfer UK pensions to Canada in 2o17, but recently started allowing them again. If you are 55 or older, you are eligible to transfer your pension to Canada.
Is QROPS For Me?
Transferring your pension from the UK to Canada is a very complicated process which is why you should seek professional advice. There are many different things to consider before deciding to move forward.
Here are some guidelines to follow if you are considering transferring your pension to Canada.
- You must be 55 or older to open a QROPS RRSP account in Canada.
- You must hold a non-state pension scheme in the UK and be a Canadian taxpaying resident with an intention to live in Canada for at least 5 years.
- Ideally do not have any intentions to move back to the UK.
- Not all pensions from the UK can be transferred to Canada (contact us for more details).
- Defined Benefit Pension Plans (aka Final Salary Pensions) and Defined Contribution Pension Plans (aka Employer Matching Pensions) which have a market value greater than £30,000 require a qualified FCA approved UK financial adviser to review and complete an audit of your pension. We have relationships with UK advisers for this purpose.
- Public Sector Pensions cannot be transferred from the UK to Canada. Examples are civil service and teacher pensions. The majority of NHS pensions cannot be transferred.
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