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Read MoreA 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.
We work hard to become your friendly and approachable, go-to financial planning team.
Read MorePensions
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. International SIPPs allow investment in a wide range of assets, including overseas stocks and investment trusts, providing greater diversification.
International SIPPs can be used to manage or consolidate personal pensions, workplace pensions, and other pension schemes, offering non-UK residents the flexibility to oversee their retirement savings from abroad.
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.
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.
Key Info
?Most expats can open an International SIPP, whether employed, self-employed, not working or retired.
Most expats are able to open an International SIPP, whether employed, self-employed, not working or retired. An International SIPP is a UK based pension scheme that offers flexibility for non-UK residents. What is important to note is that where you have your main home will determine the tax treatment of contributions into the pension scheme.
International SIPPs can accept transfers from various UK pension schemes, including defined benefit pensions and personal pensions. However, transferring from a defined benefit pension may mean giving up guaranteed income that would otherwise provide security throughout retirement. 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. International SIPPs also allow you to take your pension as a lump sum or in multiple lump sums, providing flexibility in how you access your UK pension benefits.
If you eventually plan to return to the UK, an International SIPP may be still suitable for you. However, if you’re planning on retiring abroad, a SIPP may not be the most appropriate pension solution and a QROPS may be more suitable.
The benefits of an International SIPP are numerous and offer a much wider range of investment choice and flexibility compared to standard pensions, and also grow free of capital gains tax or income taxes. Another big advantage is you can hold your UK pension capital in all major currencies, so you can slowly convert your GBP pension capital into the local currency ready to start drawdown without the monthly currency risk. With an International SIPP, you can keep your pension invested while making flexible pension withdrawals, allowing your retirement savings to potentially grow even as you access funds. Discretionary fund managers can be appointed to tailor your investment strategy within your SIPP, based on your financial goals and risk profile. Additionally, International SIPPs can be structured to minimize inheritance tax liabilities for beneficiaries, making them an effective tool for estate planning.
SIPP pension investment vehicles typically may include:
Investment Options
Choosing the right International SIPP depends on your individual needs, investment goals, and financial circumstances. Non-UK residents should carefully evaluate factors such as provider fees, available investment options, and the flexibility to hold multiple currencies. Leading international SIPP providers like Novia Global offer access to thousands of investment funds, including exchange traded funds and mutual funds, as well as the ability to invest in multiple currencies—ideal for those seeking broad diversification and currency flexibility.
It’s important to assess each provider’s experience with UK pension rules and their understanding of international tax treatment to ensure your chosen SIPP aligns with your retirement planning needs. By comparing features and costs, and considering your own risk tolerance and investment preferences, you can select an International SIPP provider that best supports your long-term financial security.
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.
When selecting an International SIPP, compliance with UK regulations is essential for non-UK residents. All International SIPPs must adhere to the standards set by the Financial Conduct Authority (FCA), ensuring your pension scheme is managed with transparency and investor protection in mind. This regulatory oversight provides peace of mind that your UK pension is being handled according to strict UK pension rules, even while you reside overseas.
Another key consideration is the tax treatment of your pension income and withdrawals. Dual taxation agreements between the UK and your country of residence can help prevent double taxation and reduce your overall tax liabilities. For example, if you are a US-based expat, the double taxation agreement between the UK and the US can help you avoid being taxed twice on your UK pension income. Navigating these agreements and understanding your obligations can be complex, so seeking advice from a financial adviser with expertise in expat financial planning is highly recommended. This ensures your International SIPP remains compliant, tax efficient, and aligned with your long-term retirement goals.
Selecting the right Self-Invested Personal Pension (SIPP) provider is a key step in managing your UK pension savings effectively, particularly for non-UK residents. With a wide range of providers available, it’s important to compare their offerings to find the best fit for your needs. Look for providers that offer a broad selection of investment options, such as exchange traded funds (ETFs), mutual funds, and other investment vehicles, allowing you to diversify your portfolio and tailor your strategy to your retirement goals.
For non-UK residents, choosing an international SIPP provider is especially important. These providers understand the unique requirements of managing pension savings across borders, including the ability to hold and invest in multiple currencies and access tax benefits that may not be available with standard UK-based SIPPs. Consider the provider’s fee structure, customer service reputation, and whether they offer discretionary fund management or self-directed investment options to suit your preferred level of involvement.
Take the time to research and compare different self invested personal pension providers, paying close attention to their experience with international clients and their understanding of both UK and local pension regulations. By choosing a provider that aligns with your investment preferences and long-term objectives, you can ensure your UK pension is managed efficiently and remains a valuable part of your retirement planning, wherever you are in the world.
Novia Global International SIPP | Momentum International SIPP | The Sovereign International SIPP | STM International Pension Plan | IVCM Heritage SIPP | The Harbour International SIPP | |
---|---|---|---|---|---|---|
Setup Fee | £0 | £300 | £300 | £150 | £150 | £249 |
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) |
Termination Fee | £0 | £250 | £250 | £155 | £995 | £499 |
Able to facilitate insistent clients | NO | YES | YES | YES | N/A | YES |
All pricing will be + VAT if you reside in the EU. PA= Per Annum.
Up to x3 cheaper than the average International SIPP as shown in our International SIPP Comparison blog post.
The Process
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.
Effective management of your SIPP is crucial to ensuring your pension savings continue to grow and provide a reliable income throughout retirement. For non-UK residents, the complexities of managing an international SIPP can be challenging, making ongoing support from a knowledgeable financial adviser or SIPP provider invaluable. Regular portfolio reviews, performance monitoring, and timely rebalancing are essential to keep your investments aligned with your goals and to adapt to changes in the global financial landscape.
International SIPP providers often offer dedicated management services tailored to the needs of expats and non-UK residents, helping you navigate currency fluctuations, local tax rules, and cross-border regulations. Working with a financial adviser who specializes in expat financial planning can help you make tax-efficient investment decisions and develop strategies to mitigate future tax liabilities, both in the UK and your country of residence.
By prioritizing ongoing support and proactive management, you can ensure your pension savings are optimized for growth, remain compliant with relevant regulations, and are structured to provide a secure and tax-efficient retirement income. Whether you are just starting your retirement journey or looking to enhance your existing pension strategy, partnering with the right adviser and provider is key to achieving long-term financial security.
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