A Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension scheme that HMRC recognises as eligible to receive UK transfers from registered pension schemes in the UK. To move a UK pension to a Canadian QROPS you must be 55 or over.
To qualify as a QROPS, the scheme must meet strict requirements set by HMRC and you may be subject to an overseas transfer charge. Not all retirement schemes in Canada have QROPS status. We can help you understand which is right for you and help you navigate the transfer from start to finish.
If you transfer to an overseas pension which isn’t a QROPS, this may be classified as an unauthorised payment from your pension. This could result in a tax charge of 55% and you may face additional penalties. Pension transfers are complicated, even when moving country isn’t part of the equation. We will help you identify the most suitable option with no cost or obligation to you.
Our expert team are fully licensed and regulated in both the UK and Canada. This means you can relax knowing that, with knowledge on both sides of your move, we are perfectly placed to help you plan for your future ahead.
All our advisors are qualified and have in-depth knowledge on both the UK and Canadian systems. We can help you set up and start your life abroad and are ready to support you every step of the way.