A Self Invested Personal Pension (SIPP) is a very flexible pension plan that allows you to take control of your own investment decisions when saving for your retirement. They provide greater choice and flexibility regarding investments, tax benefits and currency choice.
What is an International SIPP?
If you no longer live in the UK, an International SIPP allows you to transfer and consolidate benefits from UK-registered pension schemes easily and efficiently to your new country of residence, while still protecting you under UK regulations.
It’s possible to take regular or variable income using an International SIPP with flexi-access drawdown while still remaining invested. Also, purchasing an annuity is not mandatory.
For non-UK residents or British expats, an International SIPP enables expats to hold assets that are appropriate for international clients and in other currencies, yet still meet the key regulatory requirements of the Financial Conduct Authority (FCA) in the UK.
Combine your old UK pensions and transfer them into a brand new International SIPP in a few easy steps.
Meets UK requirements
An International SIPP with Harrison Brook will be regulated by the Financial Conduct Authority in the UK.
An International SIPP for expats gives you the ability to hold assets that are appropriate for international clients and also in other currencies.
Most expats can open an International SIPP, whether employed, self-employed, not working or retired.
Benefits of an International SIPP
Most expats are able to open an International SIPP, whether employed, self-employed, not working or retired. What is important to note is that where you have your main home will determine the tax treatment of contributions into the pension scheme.
If you’re still a UK taxpayer, you’ll get pension contribution relief on the money set aside for retirement; and if you’re a tax resident elsewhere, you can still have a SIPP but without tax relief on your contributions. Importantly, in either scenario, you can drawdown in any country but it’s important to check what Dual Taxation Agreements (DTA) are in place with the UK and the country that you are residing in with your financial adviser.
If you eventually plan to return to the UK, an International SIPP may be still suitable for you. However, if you’re planning to retire abroad, a SIPP may not be the most appropriate pension solution and a QROPS may be more suitable.
Advantages of an International SIPP
Which are the most appopriate for you?
International SIPP v. QROPS
Like an International SIPP, a QROPS (Qualifying Recognised Overseas Pension Scheme) is aimed at expats with existing UK pension rights. The main difference is QROPS are typically more suited to those who have a large pension pot (i.e. close to the Lifetime Allowance, currently £1,073,100 for 2022/2023) as they may help mitigate future tax liabilities for exceeding the allowance when you come to draw benefits.
International SIPP Comparison - Fees
|Novia Global International SIPP||Momentum International SIPP||The Sovereign International SIPP||STM International Pension Plan||IVCM Heritage SIPP||The Harbour International SIPP|
|Annual Fee||£180 (PA)|
(charged £45 per quarter)
|£500 (PA)||£300 (PA)||£150 (PA)||£100 (PA)||£450 (PA)|
|Establishment of benefits fee||£200||£250||£250||£130||£250||£150|
|Income drawdown fee||£150 (PA)||£100 (PA)||£100 (PA)||£130 (PA)||£300 (PA)||£150 (PA)|
|Able to facilitate insistent clients||NO||YES||YES||YES||N/A||YES|
How to transfer an existing pension into an International SIPP
The process of transferring an existing pension into an International SIPP is relatively straightforward, but it’s imperative that the transfer is done correctly and cost-efficiently into a recognised and approved scheme.
Harrison Brook is an independent financial advisory company with transparent fees and no commission, fully regulated to provide cross-border financial advice. Fees are always explained clearly from the outset to allow you to make an informed and educated decision on your UK pension transfer.
To start the process with Harrison Brook you first need to tell us about your UK pensions. You can do this by clicking ‘Get Started‘ or by speaking to an adviser now on our live chat.
What Our Customers Say“
"From my first contact with Jack Camille I was impressed by the service of Harrison Brook. Advice was clearly given after an in-depth financial review. Advice was very clearly outlined and came with regular reviews of progress. Excellent service all round."
"Prompt reliable and expert help when needed.Transparent disclosure of all the costs involved. Friendly and efficient service I would highly recommend."
"Sound advice in difficult times. Acceptable prices when compared with alternatives. Regular contact and updates in clear understandable form."
"James was able to instantly build rapport, while he guided me through the process of opening an account. This is my first account of this nature, and I had countless questions. James patiently explain things in a way which was easy to understand, while still listening to what I had to say. I really appreciate his insight."
"Excellent customer service all the way through, professional, proactive, patient in answering all my questions, immediate answer to emails, great follow up and communication, deep legal knowledge and legal experience in the field, all of which helped in having my pension transferred in a faster amount of time than normal. I’ve rarely received such swift and excellent customer service before. The whole complex pension transfer experience could have been heavy and stressful, but instead it was the whole opposite."
"My financial knowledge is very limited but I knew I had to do to invest somewhere. I found the market scary and intimidating. I think really its a mine field. I am very grateful for finding Harrison Brook as they have been outstanding. From the very start they have guided me through the process in an honest and transparent manner explaining every step. Even after a lot of hesitation on my behalf. I don't think I could be happier with the first 6 Months. James Rayburn has been a class act answering all my interrogations patiently and professionally. I would recommend him and Harrison Brook to friends and family. The advice I have received has been very financially rewarding. I look forward to working with Harrison Brook and James for a very long time. Probably one of the best decisions I have ever made."