Please see below for time sensitive information for MDs who previously practised in the UK for the National Health Service (NHS) .
As of April 1, 2015, any MD that previously practised in the UK for the NHS will no longer be able to transfer his/her NHS pension out of the UK. Most affected MDs are not aware of this April 1, 2015 deadline and they need to act on this immediately.
The repercussions for MDs will be:
- At retirement the MD would have to pay income tax in the UK as well as pay his/her regular tax;
- Should the MD die, his/her spouse would only get approximately 50% of the pension value.
Suggested course of action from Scotiabank:
- The pension should be transferred to a Canadian RRSP as soon as possible in order to maintain control over the funds.
If you will be impacted by these changes, please contact Mary Liu, firstname.lastname@example.org, who will refer you to a contact at Scotiabank. Scotiabank has experts who will be able to provide advice and recommendations to MDs on how to move forward prior to the April 1, 2015 deadline date.
Mary Liu CHRP
Human Resources Manager
Faculty of Medicine | Department of Psychiatry
The University of British Columbia
2255 Wesbrook Mall | Vancouver, BC Canada V6T 2A1
Phone 604 822 7315 | Fax 604 822 7756