FR Price & Performance Products & Services Portfolio Managers Active Insights Applications & Forms About Us Home Products & Services Tax-efficient Investing Tax-advantaged accounts Qualifying Recognised Overseas Pension Scheme (QROPS) Qualifying Recognised Overseas Pension Scheme (QROPS) Transferring a U.K. pension to Canada iA Clarington is a provider of the Qualifying Recognised Overseas Pension Scheme (QROPS), a retirement savings plan that allows eligible persons to transfer their U.K. pensions to another country. Potential benefits of QROPS include: Tax efficiency Favourable inheritance transfers Reduced currency-related investment volatility Access to a wider range of investment options iA Clarington's RRSP accounts and mutual fund offerings are eligible for QROPS transfers. How it works QROPS is appropriate for persons between the ages of 55 and 71 who hold a qualifying U.K. pension and intend to live outside of the U.K. for more than five years. Transferring a U.K. pension is relatively straightforward. The investor submits the following forms via an advisor to iA Clarington: Original termination and/or transfer forms provided by the U.K. pension administrator HMRC member information form APSS263 U.K. pension transfer application form U.K. pension plan client statements iA Clarington mutual fund investment application form iA Clarington submits the following to the U.K.: Completed transfer forms for the U.K. company administering the pension, with copies for the U.K. Pension Administration Letter showing the QROPS reference number Banking details for wire transfer HMRC member information form APSS263 completed by the client U.K. Pension Administration sends pension funds to iA Clarington A cheque or wire transfer is sent from the U.K. to iA Clarington (amounts may be in GBP, requiring conversion to Canadian dollars). Once iA Clarington receives the funds, we will invest them according to the advisor’s instructions. The U.K. minimum pension age of 55 still applies, and benefits cannot be taken before then. However, a QROPS can offer considerably more flexibility, greater income potential and more investment freedom than a U.K. pension. It is also important to note that a QROPS transfer to iA Clarington may not be initiated past age 71. Tax implications Ongoing reporting to HMRC is required for withdrawals that occur under two possible circumstances: During any period when the client has been a U.K. tax resident in the year of the transaction or any of the previous five U.K. tax years (the U.K. tax year ends April 5), or Within 10 years of the date that pension funds were deposited into the QROPS account. If payments in the reporting period are considered "unauthorized payments," they would be subject to U.K. tax charges and possible penalties. HMRC will review the nature of the transfer and/or withdrawal and determine whether an unauthorized payments charge and possible additional surcharge will apply. Transferring funds iA Clarington requests QROPS money transfers by wire in GBP, but occasionally payment is sent by cheque. Funds wired in GBP will be subject to the currency conversion rate charged by the bank we use for wire services. Speak with your advisor to learn if you qualify. Support materials Government of U.K. ROPS website QROPS Checklist Forms iA Clarington mutual fund investment application U.K. pension transfer application form HMRC member information QROPS Q&A We are iA Clarington And we will be invested in you One of Canada’s leading investment management companies, iA Clarington brings clarity, integrity and commitment to a complicated global investment landscape. A wholly owned subsidiary of Industrial Alliance Financial Group, we offer a wide range of investment products, including actively managed mutual funds, managed portfolio solutions, Active ETF Series and socially responsible investments. Follow us Prospectus/AIF IRC report to security holders Proxy voting Unclaimed property Disclaimers and important information Glossary Contact us Careers Legal / terms of use Privacy Accessibility © 2021 IA Clarington Investments Inc.