Moving to Canada from UK, where to invest pension
Posted: Tue Nov 14, 2017 5:50 pm
I have been offered a transfer with my employer to work in Toronto, Canada. This is a permanent position and at this stage I don’t know whether I’ll retire in the UK or Canada.
Currently I have 4 UK pensions with a combined pot of £34k. I am not sure what to do with these UK pensions when I move to Canada, I’ve read I can leave them, put them into a SIPP or QROPS in Malta or Hong Kong.
I am also not sure whether to invest into an RRSP out in Canada as if I ever return to the UK I understand transferring that RRSP back to the UK or withdrawing it will mean a 25% withdrawal tax. So am I better off doing something else?
Just after some good advice regards my situation if possible?
Currently I have 4 UK pensions with a combined pot of £34k. I am not sure what to do with these UK pensions when I move to Canada, I’ve read I can leave them, put them into a SIPP or QROPS in Malta or Hong Kong.
I am also not sure whether to invest into an RRSP out in Canada as if I ever return to the UK I understand transferring that RRSP back to the UK or withdrawing it will mean a 25% withdrawal tax. So am I better off doing something else?
Just after some good advice regards my situation if possible?