If you have worked in the United Kingdom and now live in Canada, you may be able to transfer an eligible UK pension into a Canadian Qualifying Recognized Overseas Pension Scheme (QROPS). AMCO Financial Group can help you understand your options and coordinate the transfer process.

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Bringing Your UK Pension to Canada

Leaving a pension in the United Kingdom can mean managing retirement savings across two countries, two currencies and two sets of pension and tax rules.

For eligible individuals, transferring a UK pension into a Canadian QROPS may make it easier to incorporate those funds into a broader Canadian retirement and investment strategy.

A QROPS is an overseas pension arrangement that meets requirements established by His Majesty’s Revenue and Customs (HMRC). In Canada, qualifying arrangements are structured through specifically recognized RRSP and RRIF contracts.

Domenic Amodeo of AMCO Financial Group has experience assisting clients with UK pension transfers to Canada. He can help you review your circumstances, understand the Canadian QROPS options available and work with the appropriate pension, tax and financial professionals to complete an eligible transfer.

Who May Be Eligible for a QROPS Transfer?

A Canadian QROPS may be suitable if you:

Have pension benefits held in an eligible UK pension plan
Currently live in Canada or are preparing to relocate here
Intend to remain in Canada and retire here
Are at least 55 years of age
Are under age 71 when completing the transfer
Want to hold and manage your retirement savings in Canadian dollars
Want your UK pension included in your Canadian retirement plan

Eligibility must be confirmed before proceeding. The rules of the original UK pension scheme, the type of pension held and the requirements of the Canadian receiving plan can all affect whether a transfer is possible.

Give Your Investments a Clear Direction

Whether you are starting to invest, reviewing an existing portfolio or managing investments through your business, AMCO Financial Group helps you consider your options and build a strategy that fits your goals.

Schedule a discovery call to discuss your investment priorities and how your investments can support your plans for the future.

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