Curtis Banks SIPP Transfer For Non-UK Residents
Curtis Banks is one of the UK's largest independent SIPP operators. They joined the Nucleus group in 2023, who now look after over 235,000 clients with £97bn assets under administration.
If you hold a Curtis Banks SIPP, no longer live in the UK, and are considering your options, this article outlines the key areas to consider.
QROPS Overseas Transfer Charge
The introduction of the Overseas Transfer Charge has significantly limited the ability of most expats to transfer their pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS). This charge applies to any pension transfer outside the UK unless the pension holder resides in the same country as the overseas pension provider.
As a result, QROPS is no longer a key consideration for most expats.
UK Pension Transfer
If you left the UK, transferring your pension pot to an International SIPP (Self-Invested Personal Pension) can be a great solution. This UK-based pension scheme is specifically designed for non-UK residents and adheres to UK regulatory standards.
It operates under the oversight of the Financial Conduct Authority (FCA), provides protection through the Financial Services Compensation Scheme (FSCS), and is regulated by the Pensions Regulator.
An International SIPP combines the advantages of both onshore and offshore pension products, offering:
Regulatory Assurance
Full compliance with UK pension rules ensures transparency and security.
Investment Flexibility
Access to a wide range of investment options tailored to meet diverse retirement goals.
Tax Efficiency
Potential tax benefits depending on your country of residence and applicable double taxation treaties.
Portability
Flexibility to manage and access your pension fund from any country.
Consolidation
The ability to consolidate two or more pensions into one place, reducing cost and simplifying the investment strategy.
This makes an International SIPP a practical and secure choice for expats seeking to manage their retirement savings while living abroad.
Best International SIPP 2024
Choosing the right International SIPP involves considering various factors, such as your financial objectives, preferred investment options, and desired level of flexibility. Conducting thorough research and comparing providers will help you identify the best fit for your needs. Learn more about the International SIPP market here.
Note: Be sure to consult a qualified regulated financial adviser to ensure the chosen SIPP aligns with your personal circumstances and complies with relevant regulations.
Transfer Pension From Curtis Banks
To transfer your Curtis Banks SIPP plan, the first step is to consult a specialist expat financial adviser. During this initial consultation, you can outline your primary objectives for a potential transfer, such as gaining access to your pension plan, improving performance, or addressing specific financial needs.
After assessing your goals, the adviser may determine that a transfer isn’t necessary. They can guide you through all available options, including investment products that align with the regulations of your new country of residence, ensuring you make the most informed decision tailored to your circumstances.
Expat Financial Advisers
The Wealth Genesis provides high-quality, cost-effective retirement planning tailored specifically for British expats worldwide. Our approach begins by listening to and understanding your unique goals, allowing us to recommend the most suitable products and investments to meet your needs.
As an independent advisory service, The Wealth Genesis operates without ties to specific providers or investment managers. This independence allows us to avoid expensive, one-size-fits-all managed portfolios, helping to minimise fees and optimise your portfolio’s long-term performance.
