Phoenix Life Pension Transfer For Non-UK Residents
Phoenix Life Pensions is a UK-based provider that specialises in managing closed life and pension funds. Here’s a quick overview of what they offer in terms of pensions:
Phoenix Life typically administers "closed" pension policies, meaning they handle policies that are no longer open for new customers but still manage funds for existing customers. This includes both personal pensions and occupational pensions.
They have acquired many policies from other providers over the years, including those from Scottish Mutual, Royal & Sun Alliance, and Pearl Assurance, so if you have a policy with one of these companies, it may now be managed by Phoenix Life.
HMRC Pension Transfer Overseas
The option to transfer to a Qualifying Recognised Overseas Pension Scheme has been negated for the majority of expats after the implementation of the Overseas Transfer Charge (25%). This charge applies to all pensions transferred outside the UK unless the pension holder resides in the same country as the foreign pension provider.
Transfer Pension to International SIPP
When moving abroad from the United Kingdom, the most suitable choice is to transfer your pension into an International SIPP (Self-Invested Personal Pension). This type of UK pension is specifically designed for non-UK residents, adhering to UK regulatory standards, including oversight by the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS), and the Pensions Regulator.
An International SIPP provides the advantages associated with both onshore and offshore pension products, including:
Ongoing wealth management from a regulated financial adviser.
Currency risk mitigation to manage currency fluctuations.
Greater investment choice from a wider range of investments.
Tax-efficient withdrawals – If there’s a Double Taxation Agreement (DTA) between the UK and your new country of residence, all pension withdrawals may be paid gross of UK tax using an NT (No Tax) code. Tax treatment in your new location will depend on local tax laws but generally align with income tax rates.
Flexible Access to your pension funds.
Transfer Pension From Phoenix Life
To transfer your Phoenix Life pension plan, the first step is to consult with a specialist expat financial adviser. This allows you to discuss your main objectives for considering a transfer, whether that’s improved access to your pension, better management options, or another reason.
After exploring your needs, you may find that transferring isn’t necessary. Your adviser can guide you through all available options, including locally compliant investment products, to help you make the best choice for your circumstances.
The Wealth Genesis Expat Financial Advisers
The Wealth Genesis delivers high-quality, cost-effective expat financial planning to clients worldwide. We take the time to listen, understand your goals, and recommend the most suitable products and investments for your unique needs.
Because we remain independent, with no ties to any specific providers or investment managers, and avoid costly, generic managed portfolios, we help reduce fees to maximise your portfolio’s performance over the long term.
Schedule a discovery meeting with us today using the diary below.
FAQs
-
Transferring your UK pension pot can take longer than expected due to several factors. Common causes of delays include:
Regulatory Checks: UK pension providers are required to carry out anti-fraud and anti-money laundering checks. These are crucial but can slow down the process.
Administrative Procedures: Different pension schemes have varying internal processes and paperwork requirements, which can add time, especially if transferring between multiple schemes.
If you’re experiencing delays with your pension transfer, you may want to check in with both your adviser and pension provider to understand specific reasons and potential ways to expedite the process.
-
Most Phoenix Life Pensions have no transfer out charges. In certain cases, if you hold a with-profits fund, you can lose out on the bonuses due at the normal retirement age NRA.
-
The Phoenix Life contact telephone number is +44 0345 129 9993
-
You can login to your Phoenix Life account here.
