Clear answers to help you make informed decisions.
When it comes to moving your UK pension to Canada, questions are natural. The process involves international regulations, tax considerations, and personal retirement planning. At Sterling Advisory, we believe that good advice starts with clear information—that’s why we’ve outlined the most common questions we hear from clients.
What is QROPS?
A QROPS is an overseas pension scheme recognized by HM Revenue & Customs (HMRC) as eligible to receive transfers from UK-registered pension schemes. In Canada, only RRSPs with QROPS status can accept UK pension transfers. Sterling Advisory works with the top QROPS providers across Canada to give our clients the right options.
Is there a minimum when transferring my UK pension to Canada?
No. There is no minimum amount required to transfer your UK pension into a Canadian QROPS scheme.
How much does it cost to transfer my UK pension to Canada?
In most cases, there are no direct fees charged to clients. Sterling Advisory receives compensation from the Canadian RRSP provider managing the plan, which means we don’t need to charge you for our transfer services.
Am I able to transfer protected rights funds into QROPS?
Yes. Protected rights funds can be transferred into a QROPS as long as the provider accepts them. It’s important to note that by transferring, you are giving up the protections tied to UK pension legislation—something we always discuss carefully with clients before moving ahead.
When is it not a good idea to transfer to a QROPS?
While transferring is often advantageous, there are exceptions. Some older UK pensions offer benefits such as guaranteed annuity rates, set when interest rates were much higher than today. In those cases, it may be better to keep the pension in the UK. Every plan is different, so it’s essential to review your circumstances with a qualified advisor before making a decision.
How long does it take to transfer my UK pension to Canada?
On average, the process takes about 1.5 to 2 months. Thanks to established systems with both UK pension providers and Canadian QROPS providers, transfers are usually completed smoothly within that timeframe. The exact speed depends on how quickly the UK provider processes the application.
Still Have Questions?
Every pension plan has its own details, and every client’s situation is unique. If you don’t see your question here—or want to explore your own options—get in touch with us today. We’ll walk you through your choices and help you decide if transferring is the right move for your retirement.
