20211216_120730

2 Reviews for 20211216_120730

    Hi

    I’ve been reading your QROPS UK Pension transfer to Canada Article and wasnt aware it was cancelled in 2016. I transfered my UK pension to Canada In 2015 under the QROPS scheme. Its now been 7 yrs and Im interested to know if I can now transfer it to another scheme where I can make a withdrawal? What are the penalties if I did make a withdrawal?

    Thanks
    Graham

      Hi Graham,

      This might depend on if your QROPS is “locked-in” and your age. Is the plan in a LIRA? Some of the original QROPS were opened in locked in plans and there is not much flexibility. Have you contacted your current provider to see if a withdrawal is possible. IF you are over 55 and it is not locked in, you should have options.

      Thanks Julie

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