Novia Global SIPP | Frequently Asked Questions
The Novia Global SIPP remains the premier international pension choice for thousands of Expats around the world. In this article, we answer the key questions relating to the Novia International SIPP and how it works.
Who is the Novia Global UK SIPP appropriate for?
The Novia Global UK SIPP is suitable for individuals with existing UK pension rights who seek a self-invested personal pension plan. This product allows for flexible investment options and income withdrawal strategies.
How flexible is the Novia Global UK SIPP?
The Novia Global UK SIPP offers considerable flexibility. During the accumulation phase (uncrystallised), you can tailor your investment portfolio to align with your retirement objectives. Upon retirement (crystallisation), you can access funds through drawdown withdrawals or purchase an annuity. You can manage crystallized and uncrystallized funds separately, allowing for distinct investment strategies.
How are investments within the SIPP managed?
Investment decisions are made by you in consultation with your Intermediary, who will then instruct Novia Global to execute buy, sell, or switch orders. Novia Global also facilitates portfolio rebalancing, if desired, to maintain the desired asset allocation.
What types of investments are allowed within the Novia Global UK SIPP?
A wide range of "standard" UK HMRC-approved investments are permitted within the SIPP. Your Intermediary has access to the complete list of permissible investments and associated charges.
What are the tax implications associated with the Novia Global UK SIPP?
Taxation of the SIPP is subject to individual circumstances and prevailing UK HMRC regulations. Contributions, withdrawals, and death benefits may have tax implications. Consult your Intermediary or a tax advisor for personalized guidance.
What happens if I choose to purchase an annuity?
While Novia Global does not offer annuities directly, you can choose to use your SIPP funds to purchase an annuity on the open market from age 55*. Annuity rates fluctuate and can impact the level of income received. Consult with your Intermediary to determine if an annuity aligns with your retirement plan.
What happens to my Novia Global UK SIPP if I die?
In the unfortunate event of your death, the scheme administrator (Novia Global Ltd) will distribute funds according to your wishes outlined in the 'Expression of Wish' form. Death benefits can be allocated to your spouse, civil partner, dependents, or other beneficiaries, potentially through lump sums, annuities, or drawdown.
What happens if I change my mind after transferring my pension?
You can request to cancel your pension transfer; however, it might be too late if the transfer has been processed. If your previous provider accepts the funds back, they will be returned, potentially minus any investment losses. Note that providers often refuse to reverse transfers. You can always transfer your Novia Global UK SIPP to another provider. This will rise to age 57 from 2028 and then increase in line with any future rise in the State Pension age.
