SIPPs and QROPs - Navigating the Minefield?
When you moved to Canada, your pensions probably weren’t the first thing on your mind.Economic downturns, fluctuating exchange rates and Brexit are all things that have begun to make you think. May be a change in circumstances or a life event has got you wondering about your pensions and the future. But what are your options?
Many pensions in the UK can be transferred to Canada and invested all under one roof.
A Qualifying Recognised Overseas Pension Scheme or QROPS is a pension scheme, similar to a UK registered pension scheme, established outside the UK. QROPS is suitable for people aged 55 or over, who are intending to leave the UK permanently and want to simplify their affairs by taking their pension with them.
A Self Invested Personal Pension or SIPP is a UK based private pension with added functionality, transparency and flexibility. As a UK based plan available to all ages, it is subject to all the benefits and drawbacks of UK legislation that will continue to meet your needs whether you are a UK resident or live overseas.
Moving assets into a QROPS or a SIPP provides you with real flexibility. QROPs can mitigate currency fluctuations as your Pension will grow and be paid in Canadian Dollars. while SIPPs will typically provide access to many more and diverse funds to invest in – and provide tax-free cash.
But don’t be tempted to wait and see. The pension transfer landscape is everchanging and its future is in the hands of the UK Government. While transfer options may still exist, there is the possibility that they might not be as favourable as they are now. To discuss your options and see if a pension transfer is suitable for you, call now on 1-403-949-2595 or send an email
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UK Pension Transfers - What is best for Expats?
Do you still have a UK pension? Are you wondering whether transferring it, is right for you?
Deciding whether to transfer a pension from the UK to wherever you now call home, needs specialist advice. The rules and legislation are constantly changing. That's why it is important to get specialist advice.
Here at Two Pine Financial Planning, we have experience of both the Canadian and UK pension markets and can provide advice on what is best for you. Transferring your pension is not always possible or the best option but if transferring your pension is right for you, we have access to a range of different plans. We can make sure that your pension is invested in the most appropriate plan and one that will help you retire in the way that you had always hoped.
Whatever plan that you have, contact us now to talk about your options and what would be right for you.
Call now on 1-403-949-2595 or email admin@twopinefinancial.ca
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