Bring your UK pension home to Canada
If you have moved from the UK to Atlantic Canada, a QROPS transfer can consolidate your UK pension into Canadian dollars, managed locally and aligned with your retirement here.
A QROPS in plain language
- Move a UK pension into a Canadian plan that meets HMRC requirements
- Consolidate your savings in one place, in Canadian dollars
- Taxed like a regular RRSP once the funds are in Canada
- Coordinated with the rest of your plan at Atlantic Wealth
Your UK retirement, consolidated at home
A QROPS, a Qualifying Recognised Overseas Pension Scheme, is a pension plan that meets HM Revenue & Customs (HMRC) requirements to receive a transfer from a UK pension. Your transferred pension is held in Canadian dollars, professionally managed, and governed by the same Canadian tax rules that apply to a regular RRSP.
You walk away with your UK retirement savings in one place, in your local currency, coordinated with the rest of your plan, so you are not managing an account across an ocean and a five-hour time difference.
At a glance
What it is: a UK-to-Canada pension transfer approved under HMRC rules.
Who it suits: UK movers settling and retiring in Atlantic Canada.
Through: professionally managed segregated funds.
Ages: generally 55 to 71, per HMRC minimum pension age.
A QROPS transfer generally suits people who…
Lived in the UK and now reside in Canada, or plan to relocate soon
Intend to stay in Canada for at least five years
Plan to retire here in Canada
Want their savings consolidated and held in Canadian dollars
Are between 55 and 71 years of age, per HMRC rules
Why transfer with Atlantic Wealth
Atlantic Wealth arranges your QROPS transfer into a Canadian plan, invested in professionally managed segregated funds and coordinated with the rest of your financial plan.
Market growth potential
Invested in professionally managed segregated funds selected for your goals.
Potential creditor protection
Segregated fund contracts can offer creditor protection in the right circumstances.
Confidential estate transfer
Name beneficiaries so funds can pass to your heirs confidentially, without probate fees.
RRSP-style tax treatment
Once the funds are in the plan, they are taxed in Canada like a regular RRSP.
Pensions that can transfer
- Defined contribution pensions
- Funded defined benefit schemes (private sector)
- Funded defined benefit schemes (public sector)
Pensions that cannot
- UK State Pensions
- Unfunded public-sector defined benefit schemes
How a QROPS transfer works
Discovery meeting
We review your UK pension, residency and retirement plans.
Eligibility review
We confirm your plan is transferable and walk through the tax considerations.
Set up your plan
We open the right segregated fund contract to receive the transfer.
Complete the transfer
We coordinate the paperwork between your UK scheme and your new Canadian plan.
Ongoing review
Your pension is reviewed alongside the rest of your plan.
Transfers can often be made without UK tax at the time
In many cases a QROPS transfer can be made without triggering UK tax at the point of transfer. If your circumstances change within five UK tax years, a charge of up to 25% may apply. Once your funds are in the plan, they are taxed in Canada under the same rules as a regular RRSP. Tax outcomes depend on your personal situation, and we review the details with you before any transfer.
QROPS, answered
What is a QROPS?
A QROPS is a Qualifying Recognised Overseas Pension Scheme, an overseas pension plan that meets HMRC requirements to receive a transfer from a UK pension. It lets UK pension savings be moved to a plan in Canada.
Who can transfer a UK pension to Canada?
A QROPS transfer is generally suited to people who have moved from the UK to Canada, or plan to soon, who intend to stay for at least five years, plan to retire in Canada, and are between 55 and 71 years of age.
Which UK pensions can be transferred?
Defined contribution pensions and funded defined benefit schemes, from the private or public sector, can generally be transferred. UK State Pensions and unfunded public-sector defined benefit schemes cannot.
Will I be taxed when I transfer?
In many cases the transfer can be made without UK tax at the time of transfer. If your circumstances change within five UK tax years, a charge of up to 25% may apply. Once in the Canadian plan, funds are taxed like a regular RRSP.
How do I get started?
Book a meeting with Atlantic Wealth. We review your UK pension and your plans, confirm whether a QROPS transfer fits, and coordinate the transfer for you.
Ready to bring your UK pension home?
Book a meeting with Atlantic Wealth. We will review your UK pension, explain your options in plain language, and handle the transfer for you.