Security
- You can transfer the value of any 'Company Pension' and 'Personal Pension' you left behind in the UK, directly into a 'Regular Canadian RRSP'.
- You'll have full control of your funds and won't be forced to deal with your present pension provider half-way around the world.
- You won't need to worry about your overseas pension company – is it healthy, merging, collapsing or disappearing altogether?
Stability for your Loved Ones
- Exchange rate fluctuations and transaction charges won't erode your pension payouts when you retire (current charges on regular pension payments from Britain can be as high as £19.00 per payment).
- If you were to die, the full value of this regular Canadian RRSP could be rolled over into your spouses RRSP with no tax consequences. If left in a UK pension scheme, usually a maximum 50% spousal pension is paid or in some cases, all benefits cease.
- Pension funds transferred to qualifying schemes exit the UK without a claw back of tax incentives gained whilst saving in the United Kingdom. This means you are not only transferring your physical savings and tax free gains, but the accumulated tax relief as well.
Accessibility
- The funds can be transferred directly into a regular Canadian RRSP.
