If you qualify, an old age pension can be paid to you in Canada but cannot be transferred as a lump sum. For more information or to apply, see https://www.gov.uk/state-pension-if-you-retire-abroad. Before you claim your pension. If you have not already done so, you should investigate making additional lump sum contributions so that you could enjoy a higher pension payment.
You should also be aware that once the state pension starts to pay out, the amount you get is what you are going to get for the rest of your life while in Canada. Unfortunately, residents of Canada (and some other Commonwealth countries) do not enjoy the annual cost of living increase that pensioners in the UK get.
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If you are going to retire in Canada and you have a Defined Contribution Pension in the UK, life might be better if you transfer the funds to Canada.
If you leave your plan in the UK and it comes into payment, you will normally be paid in British pounds. You will have all the hassle and expense of converting every payment to dollars.
If you are going to retire in Canada and you have a Defined Benefit Pension in the UK, life might be better if you transfer the funds to Canada.
Your retirement expenses will be growing in line with Canadian inflation (which could be quite different from UK inflation). So a transfer out into a QROPS may be a better fit with your retirement plans.
If you live in Canada and intend to retire there too, there is little value of having a UK pension that allows you to take a tax free lump sum.
Many UK pension plans allow the beneficiaries to make a withdrawal of 25% on reaching the retirement age. In the UK that 25% lump sum is not taxed. Unfortunately, most withdrawals from a pension plan are taxable for Canadian residents.
