Calling former NATS atcos in Nav Canada
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Calling former NATS atcos in Nav Canada
Hi all,
This will be of limited interest to anyone not working in Canada! I want to transfer my CAA pension into a Canadian RRSP. In theory, no problem, but the CAA pension dept wants a shedload of paperwork.
Anyone done such a transfer yet? What did you actually have to provide? How long did it take.
Thanks,
L 'n' L
This will be of limited interest to anyone not working in Canada! I want to transfer my CAA pension into a Canadian RRSP. In theory, no problem, but the CAA pension dept wants a shedload of paperwork.
Anyone done such a transfer yet? What did you actually have to provide? How long did it take.
Thanks,
L 'n' L
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I looked into it a bit when I first arrived but it was a virtual non-starter.
IIRC it would have to have been transferred into an unlocked RRSP (one you can make withdrawals from prior to retirement) which NATS would never agree to.
There is/was a company I found via Google which allegedly "specialised" in moving pensions from there to here, but I didn't take it that far. I bet their fees would make your eyes water!
I don't think there's much to be gained from it. When you retire, having a pension paid in £ when you're living over here wouldn't prove to be a hardship.
I don't think Nav Canada will let you buy in with your old NATS pension either.
IIRC it would have to have been transferred into an unlocked RRSP (one you can make withdrawals from prior to retirement) which NATS would never agree to.
There is/was a company I found via Google which allegedly "specialised" in moving pensions from there to here, but I didn't take it that far. I bet their fees would make your eyes water!
I don't think there's much to be gained from it. When you retire, having a pension paid in £ when you're living over here wouldn't prove to be a hardship.
I don't think Nav Canada will let you buy in with your old NATS pension either.
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Cossack - you can't transfer a foreign pension into the Nav Canada scheme, apparently due to some old rule from the days of Transport Canada.
As for NATS (actually the CAA pension scheme administrators) deciding where one can put one's own money, how ludicrous is that?
The idea of getting a Sterling pension in Canada sounds okay in theory, but my UK pension as it stands will give me a whole £7,000 p.a. at age 60, and that's before tax for which there is no shelter if it didn't start out in an RRSP!
You know those annual statements that say you'll £xx,xxx at retirement? Those assume you'll continue working for NATS at your current salary until retirement age. Look at what you'll actually get, and then factor in generally higher economic growth in Canada, and it looks like a no-brainer to me!
As for NATS (actually the CAA pension scheme administrators) deciding where one can put one's own money, how ludicrous is that?
The idea of getting a Sterling pension in Canada sounds okay in theory, but my UK pension as it stands will give me a whole £7,000 p.a. at age 60, and that's before tax for which there is no shelter if it didn't start out in an RRSP!
You know those annual statements that say you'll £xx,xxx at retirement? Those assume you'll continue working for NATS at your current salary until retirement age. Look at what you'll actually get, and then factor in generally higher economic growth in Canada, and it looks like a no-brainer to me!
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I am finding transferring any UK funds to Canada to be a pain in the proverbial rear end. Any short cuts would be most appreciated?
I agree that the pension issue is a not starter in terms of transferring. I checked before I left and the fees and paperwork made it easier to leave with NATS for now.
Seems to be the usual being penalised for leaving routine!
Having said that I am getting my Share allocation.
I agree that the pension issue is a not starter in terms of transferring. I checked before I left and the fees and paperwork made it easier to leave with NATS for now.
Seems to be the usual being penalised for leaving routine!
Having said that I am getting my Share allocation.
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I just took another look at the transfer company I found via Google (I won't mention their name but search for < pension transfer uk canada > and its the first hit), they do make it sound feasible. You need to pay them £25 for the guide then 0.5% of the transferred amount.
As for NATS not letting you take the money out, I am only passing on what I was told when I enquired of the Pensions people in NATS.
As for NATS not letting you take the money out, I am only passing on what I was told when I enquired of the Pensions people in NATS.
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Niknak - the CAA scheme is wonderful IF you stay with NATS till retirement. If you've got 10 years with NATS and all that'll get you at retirement is £7,000 p.a. from age 60, it's not so wonderful.
Married a Canuck - that guide is reduced to £15 if you have a discount code which I found before finding the actual website. I emailed the company yesterday and I'm waiting for a reply.
In theory, if you speak to a financial advisor here, you could ask them to administer your RRSP and provide benefit illustrations. Since all private pensions rely on assumptions about growth rates, that illustration should be every bit as valid as one from a major UK private pension provider. I'll use some of my leave next week finding out.
Fly Through - get in touch, little fella!
Married a Canuck - that guide is reduced to £15 if you have a discount code which I found before finding the actual website. I emailed the company yesterday and I'm waiting for a reply.
In theory, if you speak to a financial advisor here, you could ask them to administer your RRSP and provide benefit illustrations. Since all private pensions rely on assumptions about growth rates, that illustration should be every bit as valid as one from a major UK private pension provider. I'll use some of my leave next week finding out.
Fly Through - get in touch, little fella!
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The paperwork is on the way Chernobyl, sorry, I mean Cossack. 
I went to an Edward Jones office near my apartment, and it just so happens that the guy there is married to a controller on the North boards. He asked head office and they said "not a problem" to the info asked for by the CAA pension fund. I'll be checking soon to find out what the progress is, and I'll keep you posted.
I went to an Edward Jones office near my apartment, and it just so happens that the guy there is married to a controller on the North boards. He asked head office and they said "not a problem" to the info asked for by the CAA pension fund. I'll be checking soon to find out what the progress is, and I'll keep you posted.
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Well chaps, it all worked out okay. From beginning to end, it took less than a month from asking Edward Jones Investments to get on the case (with a bit of input from me on how to translate things into British English) to getting a cheque issued to them by CAAPS.
PM me if you'd like hints.
PM me if you'd like hints.
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Good to see you managed to seek professional advice and lock out the beareaucatic red tape, congrats. You pension will go a lot farther in Canada than UK and I guess you would have won on the exchange rate as well.
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Winning on the exchange rate is relative! Had the transfer gone through last week instead of a few weeks ago, I'd have lost a good $5,000 or so. Then again, had it happened a year ago, I'd have maybe $10,000 more! Regardless, it goes further and grows quicker in the Canadian economy.
For others thinking of transferring funds, keep a close eye on rates. Tomorrow, the Canadian government may fall and that could bring the dollar down a bit.
For others thinking of transferring funds, keep a close eye on rates. Tomorrow, the Canadian government may fall and that could bring the dollar down a bit.
