UK Pensions

Did you work in the UK and leave your pension behind?

If you have left a pension behind, we will be pleased to request a pension forecast on your behalf and review your pension options. Deciding what to do with your pension plan requires careful consideration of many factors. The decisions you make today can have a significant impact in your retirement income for the future. We will help you understand your options and assist you in finding the best and most cost effective solution for you.

Our Services Include:

State Pension
All of the forms are provided and completed by us with your input and are then mailed out and liaise with the UK Pensions office. We request a pension forecast on your behalf to determine if and how much you are entitled to receive. We then prepare analysis of your pension forecast.

Private Company Pensions
A transfer from the UK is possible, provided that the funds in the UK Pension Plan were made by an employer on behalf of the employee for services rendered while that person was a resident in the UK. There are two types of pension plans we usually encounter, Occupational and Personal pension plans. We prepare a letter of direction to your former employer’s pension plan administrator requesting the details of your pension. Once that is received we review and prepare an analysis of your options. Not every pension plan can be transferred to a Qualifying Recognized Overseas Pension Schemes (QROPS). We work with a number of companies that are classified as QROPS and have systems in place to handle such transfers. If these guidelines are not followed, Inland Revenue will tax the full value of the funds that were transferred. These guidelines would be discussed in detail on your pension analysis.

We specialize in giving advice for all UK Pensions for individuals living outside the UK. If you think you may be entitled to a pension, contact us to find out more. We can help.

Important Information about UK State Pension Reform

The Pensions Act in the UK became law on July 26th, 2007 and there are a number of changes to the UK state pensions system. These changes will only affect you if you reach State Pension age on or after April 6th, 2010.

Basic State Pension will still be based on qualifying years built up through paid, treated as paid or credited National Insurance contributions but the proposed changes are designed to increase the number of people who receive a full basic State Pension. The Bill seeks to make a number of changes which include:

  • Gradually increasing the State Pension age from 65 – 68 starting between 2024 and 2046
  • Reducing the number of qualifying years needed for a full basic State Pension to 30 for people who will reach State Pension age on or after April 6th, 2010. At the moment, women need between 39 to 44 years (depending on their date of birth) and men need 44 years.
  • Enabling those with very few qualifying years to get at least some basic State Pension

Your future State Pension entitlement might be affected if the proposals in the Pensions Bill become law. You may therefore, if you reach State Pension age on or after April 6th, 2010, want to consider very carefully whether you should delay paying Class 3 contributions to increase your basic State Pension entitlement if you would otherwise need to under the current rules.

We specialize in giving advice for all UK Pensions for individuals living outside the UK. If you think you may be entitled to a pension, give us a call to find out more. We can help.

You can get your State Pension when you reach State Pension age. The State Pension age is currently 65 for men and between 60 and 65 for women. However, the State Pension age for women is changing – it will rise gradually from age 60 to 65 from 2010 to 2020.

From April 6th, 2020, the State Pension age for both men and women will be 65.

The State Pension age for both men and women is to increase from 65 to 68 between 2024 and 2046, with each change phased over two consecutive years in each decade. The first increase, from 65 to 66, will be phased in between April 2024 and April 2026; the second, from 66 to 67, will be phased in between April 2034 and April 2036l and the third, from 67 to 68, between April 2044 and April 2046

Disclaimer: The information contained herein is for ON residents only and does not constitute an offer to sell or solicit sales in any other Canadian or foreign jurisdictions.