Qualifying recognised overseas pension scheme (QROPS)

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What is a QROPS?

A QROPS is a Qualifying Recognised Overseas Pension Scheme. The purpose of this scheme is to facilitate transfers between pension plans in the United Kingdom (UK) to pension plans in other countries that meet the requirements established by His Majesty’s Revenue and Customs (HMRC).

Who would be a good candidate for a transfer to a QROPS in Canada?

QROPS are designed for UK residents who meet all the following criteria:

  • Currently residing in Canada with expatriate status or are looking to relocate shortly
  • Plan on residing in Canada for a minimum of five (5) years
  • Plan on retiring in Canada
  • Wish to have their pension savings in the same country, in Canadian dollars

Main benefits of QROPS at iA

  • Allows you to benefit from market growth potential and enjoy all the advantages of segregated funds
  • Backed by a company with over a century of outstanding financial strength
  • Offers a wide range of funds managed by highly skilled professionals
  • Offers creditor protection1
  • Ensures a quick, confidential transfer to heirs at your death (no probate fees)1

How do I transfer a pension plan from the UK to Canada?

A financial advisor can give you the best advice on how to invest your assets in Canada. You can meet with them virtually or in person.

You can contact your financial security advisor to start the transfer process. Should you not already have a financial security advisor, you may reach a customer relations specialist. 1Possible with a beneficiary designation. 2For more information on pension schemes and their transferability, contact a UK tax specialist or financial advisor (fees may apply).

Frequently Asked Questions

1PTM113210 - International: UK tax charges on non-UK schemes: the member payment charges and taxable property charges: the member payment charges: basic principles – “When the member payment charges do not apply.”

2PTM113210 - International: UK tax charges on non-UK schemes: the member payment charges and taxable property charges: the member payment charges: basic principles – “When the member payment charges do not apply.”