Best International SIPP Providers 2024
LEARNING OBJECTIVES
We’re passionate about providing high quality, relevant and up-to-date financial information to Expats around the world.
IN THIS ARTICLE, YOU WILL LEARN THE FOLLOWING:
What an International SIPP is and how it works
Who the best providers are for Exapts
The key features to look out for in a SIPP
A cost comparison of the SIPP market
This article is intended for British Expats with UK pension pots.
In 2016, the International SIPP was introduced, allowing UK pension holders living abroad to get a product that better aligned with their needs.
Furthermore, with the introduction of the Overseas Transfer Charge in 2017 and the removal of the Lifetime Allowance LTA in the chancellor's Spring budget 2023, many of the benefits of a QROPS Qualifying Recognised Overseas Pension Scheme are no longer applicable.
The result is that an International SIPP is the most suitable option for the overwhelming majority of expats living outside the UK.
With numerous options available, we've compared the existing International SIPP Providers available.
What Is An International SIPP?
An International SIPP is a UK pension that's been created for non-UK residents. This offers the benefits of retaining the protection and regulation of the UK regulator including the FCA, Financial Services Compensation Scheme FSCS, and Pensions Regulator.
This account also provides access to the benefits of an offshore product including ongoing management advice, a wider range of investments, tax efficiency, and multi-currency options for your country of residence.
If you have built up UK pension pots and moved abroad, an International pension scheme will likely play a key role in your retirement planning.
International SIPP Structure
The SIPP (Self-Invested Personal Pension) is the pension itself. Within the SIPP, you will utilise an investment product such as an offshore investment platform or bond.
It is worth noting, that a Bond loses all the tax benefits when held within a pension. As such, always be mindful if your adviser recommends a Bond as the investment product - this typically means a large commission payment is being charged by the advising firm.
All investment providers mentioned in the chart below allow intensive investment choices. As you will have received tax relief when contributing to your UK pension scheme, all withdrawals will be liable foe income tax. This includes lump sums unless you reside in a country with zero rate such as the Middle East.
International SIPP Comparison Table
We've identified some important factors to consider but your specific requirements will dictate the most suitable product. Your needs and position are the most important when selecting the best option.
Factors such as age, frequency of withdrawals, and investment objectives all play a part in deciding the best solution for you.
Furthermore, you will need to make a UK pension transfer to one of the below from your existing provider. As this is considered a UK to UK-to-UK pension transfer, it is a non-taxable event.
Best International SIPP Summary
Overall, we believe the Novia Global UK SIPP is the best available product.
It's the lowest cost pension plan available. The SIPP offers access to an extensive fund range and provides a high level of customer service with the quickest processing times. For those wanting to self manage or with more niche requirements, other providers have better offerings.
By working with an expat financial adviser you can have a strategy implemented to meet your short, medium and long-term goals.
If you require expat financial planning, get in touch to discuss your needs in greater detail. Through our discovery meeting, we'll explore your unique position before discussing suitable options.
What Does A SIPP Transfer Cost?
At The Wealth Genesis, £3000 is the total pension transfer cost.
This applies whether you are transferring one scheme or multiple, regardless of the pension value.
We charge an industry leading low annual management fee of 0.85% per annum.
To find out the exact percentage cost for you, visit our fee page here.
Expat Wealth Management
The Wealth Genesis is the first Expat Financial Adviser to charge the same flat initial fee to all clients, regardless or wealth, circumstances of complexity.
This flat-fee ensures no conflicts of interest in the advice process, and provides peace of mind to our clients knowing we are only acting to deliver the best outcomes.
To understand how we can help you, schedule an initial consultation with us using the button below.
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You can but a standard SIPP would be far more suitable. You can contact a UK FCA-regulated adviser here.
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Yes, you can do that via a financial adviser subject to a disclaimer being signed.
The adviser can work on an instruction-only basis. Alternatively, the MES pension is a self managed scheme although you will have more limited options. For professional investors wanting more advanced options, there are alternative hybrid solutions available. -
You can find a detailed review of the Novia Global Investment Platform here.
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You can consolidate any UK-registered pension scheme or QROPS that is on the registered list.
Outside of this, you can’t. -
Yes, if you reside in a country that has a tax treaty with the UK. You will need thereo obtain an NT code for income over £1047 per month.
More information on how to apply for your Nil Rate tax code can be found here.
