Small Final Salary - Transfer

Rrunner

Kidsmugsy: I got the statement of my CETV in March. Life insurance, I have thought about this but would rather invest any premiums. Me and my need to have some control over my investments again I guess!! The legacy issue is important to me as it would be a shame to see my UK pension monies disappear if I were to depart early.

Humanista: I am trying to amalgamate my RRSPs too, though my existing ones are not QROPs approved and have had to go to yet another institution, so not quite yet achieved that goal!
Taxes, streamlining and exchange rate fluctuations are a factor for me too, I hope to simplify life and finances as I get nearer to RRIF time and not have too many diverse strands of income to manage.
Good luck with your decision and let me know if you decide to bring your pension over. I'm going through Scotia and have been told it can take up to six months which seems like a bad joke to me!

sandsy

Although I'm generally not an advocate of cashing in DB schemes, I have some sympathy with trying to get all your pensions assets in one country (as I'm doing the same thing myself at the moment!)


It makes some sense to have your assets and liabilities (your outgoings) in the same currency. Personally, I've found that although I've had great returns on my overseas DC pot, they've been negated by shifts in the exchange rate (which is normal economics at work). I also didn't fancy the idea of having to do two lots of tax returns well into my dotage.


If you can do it via QROPS without taking a tax hit for accessing the fund early, then it's certainly worth weighing up the pros and cons.

kidmugsy

sandsy wrote: »

I also didn't fancy the idea of having to do two lots of tax returns well into my dotage.

Now there's a persuasive argument!

atush

sandsy wrote: »

Although I'm generally not an advocate of cashing in DB schemes, I have some sympathy with trying to get all your pensions assets in one country (as I'm doing the same thing myself at the moment!)


It makes some sense to have your assets and liabilities (your outgoings) in the same currency. Personally, I've found that although I've had great returns on my overseas DC pot, they've been negated by shifts in the exchange rate (which is normal economics at work). I also didn't fancy the idea of having to do two lots of tax returns well into my dotage.


If you can do it via QROPS without taking a tax hit for accessing the fund early, then it's certainly worth weighing up the pros and cons.

I will be getting a State pension from the UK, From jersey ci, and from the USA. So already fail the all in one place test?

As for more than one tax return, I do 2 now so if I have to do 2 later? So be it.