How To Transfer A UK Pension To An International SIPP
If you’re a UK expat living abroad, you may already be aware that transferring your UK pension to an International SIPP can offer numerous benefits.
If you are wondering how to navigate the transfer process, our step-by-step guide is here to equip you with a clear and straightforward plan, ensuring you have all the information you need to make the process as seamless and stress-free as possible.
The Wealth Genesis - The International SIPP
Step 1 Determine if a Transfer is the Right Choice For You
The first step in transferring your UK pension is deciding whether a transfer is the right choice for your unique circumstances. begin by contacting your current UK pension scheme provider to understand what benefits they can offer you as a non-UK resident and whether any restrictions might apply to your pension income payments. Be sure to ask critical questions, such as:
Will they pay your pension benefits whenever you need them, even as a non-UK resident, or impose restrictions?
Will you still be able to manage and adjust your investments as an expat?
Can your pension income be paid into your international bank account, or only into UK accounts?
Do they offer any multi-currency investment options?
If you’re unhappy with any of the answers or feel your current provider may not meet your needs as an expat, it’s time to consider transferring your pension to a more suitable solution.
Step 2 Finding a Financial Adviser You Can Trust
The next step in your pension transfer journey is to engage with a fully regulated and independent financial adviser who specialises in expat financial management.
Ask for their qualifications and regulatory permissions to ensure they are authorised to provide advice in your new local jurisdiction. Transparency is imperative, so choose an adviser with a clear and straightforward fee structure. Complex or confusing charges should be a red flag.
At The Wealth Genesis, we pride ourselves on offering a flat-fee, zero-commission service. As we are fully independent, we are not tied to any specific financial products or providers, allowing us to offer honest, transparent advice tailored to your unique needs and goals. By analysing the entire market, we can ensure that our recommendations are truly in your best interest.
It’s always wise to do your own research - contact multiple firms, compare fees, and review their services.
For example, at The Wealth Genesis, we charge an annual management fee of 0.85%, which includes quarterly reviews to keep you informed about how your investments are performing.
Check reviews on platforms like Google and Trustpilot and don’t hesitate to ask for references from current clients. Taking these steps will help you feel confident in your decision.
Step 3 Create a Transfer Plan With Your Adviser
Once you’ve found a trusted expat financial adviser, the next step is to work closely with them to develop a tailored plan for transferring your existing pension into an International SIPP.
After an initial discovery meeting, where the adviser should take the time to understand your financial priorities, goals, and overall strategy, they should provide you with a comprehensive transfer report. This should outline the costs involved, details of the new scheme, compliant products within the scheme, and an investment report tailored to your circumstances.
The plan should be designed with your risk profile, predicted future income, and financial objectives in mind. It’s crucial that you feel comfortable with the plan and fully understand all reports and recommendations provided. A good adviser will take the time to ensure you’re informed and feeling confident each step of the way.
Building a strong relationship with your adviser is important - choose someone you feel comfortable approaching with any questions or concerns, as their role is to guide you and provide clarity.
Step 4 The Transfer Process Begins
Once you are satisfied with the plan you’ve created with your adviser, the next step is to move forward with the transfer. Your adviser will handle all the necessary paperwork, which will require your signature to proceed.
Note that the transfer of a UK pension scheme to an International SIPP typically takes around 1–3 months from the date of submission.
During this time, you may receive a call or questionnaire from your existing UK pension provider as part of their due diligence process. Once the transfer is complete, your adviser should schedule a follow-up call to review the process, ensure everything is in place, and discuss the next steps for managing your International SIPP effectively.
Expert Financial Advice For Expats
At The Wealth Genesis, we specialise in helping UK expats find the right pension solutions, including transfers to an International SIPP. We understand the unique needs and challenges faced by expats and have extensive experience in cross-border financial management.
As a fully independent and regulated firm, we pride ourselves on offering unbiased advice, ensuring we only recommend products and providers which align with your individual needs. Our holistic and bespoke approach to wealth management prioritises tailored solutions over generic, one-size-fits-all financial products.
If you’re considering transferring your UK pension to an International SIPP, we can create a personalised plan based on your specific circumstances, financial goals, and risk profile.
