The Novia Global UK SIPP is a self-invested personal pension (SIPP) offered by Novia Global, a UK-based platform and SIPP provider for financial intermediaries.
The SIPP allows investors to choose from a wide range of investments, including stocks, bonds, and funds, and offers tax benefits for retirement savings.
Launched in 2020 it has recently completed a transition from Novia Financial Plc trustees to Novia Global Limited trustees. As such, we felt it prudent to review the product.
Some of the key features of the Novia Global UK SIPP include:
Investment Choice:
The Novia Global UK SIPP offers a wide range of investment options, including equities, funds, investment trusts, exchange-traded funds (ETFs), and bonds. You can only utilise the Novia Global – Global Investment Account (GIA) within the SIPP. For further information on the Novia Global GIA please visit my review here.
Flexibility:
The UK SIPP offers total flexibility in how you access your money, under flexi-access drawdown. Withdrawal options include monthly, quarterly, bi-annually, annually, or on an ad hoc basis.
Tax benefits:
Like all UK pensions, the Novia Global UK SIPP offers tax benefits, including tax-free growth on all investments, and tax-free lump sum withdrawals (for UK residents only). Subject to the country you reside in, holding a double taxation agreement with the UK. You can withdraw your money gross of UK tax and pay the releant tax in the country you reside. More information on applying for your NT code can be found here.
Control:
Via your adviser, you have total control over the risk level of the portfolio and how the funds are allocated.
Transparent Fees:
The Novia Global UK SIPP offers a transparent and competitive fee structure. At £216 (GBP) per annum, the SIPP is the lowest-cost solution on the market.
Safety:
In terms of safety, Novia Global offers a number of measures to protect clients’ assets:
1. Trust
Novia Global’s UK SIPP is held in trust, which means that assets are legally separate from the company’s own assets. This provides an additional layer of protection in the event that the company were to experience financial difficulties. All UK SIPPs are required to have an independent trustee who is responsible for safeguarding the assets held in the SIPP and ensuring that the scheme is being administered in accordance with the law.
2. FSCS Protection
The Financial Services Compensation Scheme (FSCS) provides compensation to SIPP holders in the event that a SIPP provider or investment firm fails. The current compensation limit is £85,000 per person, per firm.
3. FCA Authorisation
All SIPP providers and investment firms that operate within a SIPP must be authorised by the FCA. This means that they must meet certain regulatory standards and follow strict rules of conduct.
4. Investment Restrictions
The FCA sets out strict rules regarding the types of investments that can be held within a SIPP. This is to protect investors from investing in high-risk or fraudulent schemes.
Overall, UK SIPPs are subject to a range of regulatory protections that are designed to protect investors and ensure that their pensions are being managed responsibly. However, it’s important to note that investments held within a SIPP can still fall in value
It’s important to note that all investments carry risks, and the value of investments can go up as well as down. Therefore, it’s important to seek professional financial advice before making any investment decisions
Novia Global UK SIPP Review 2023 – Summary
When assessing the Novia Global UK SIPP on key areas such as safety, cost, servicing and reputation, Novia Global has provided a market-leading SIPP solution for non-UK residents. They have brought their existing high level of service from the investment platform to a market notoriously lacking in this area.
The product is the cheapest on the market and offers the synergy of utlising their investment platform. This, in turn, gains access to an extensive fund range available including multi-currency options.
Worth noting is that it is a basic UK SIPP and depending on your requirements, another option may be more suitable. Areas this becomes particularly apparent in are additional contributions, Defined Benefit pension transfers and withdrawals in non-GBP denominations.
