True Potential Pension Transfer For Non-UK Resident
True Potential Pensions is a UK-based financial services and investment platform that provides financial advice, pension plans, and investment management services. They offer a range of personal pension products aimed at helping individuals save for retirement, including options for flexible contributions, tax efficiency, and diversified investment strategies.
True Potential's pension offerings come with digital tools for tracking and managing pension accounts online allowing users to monitor their pension investments in real time.
QROPS Overseas Transfer Charge
The introduction of the Overseas Transfer Charge (25%) has largely restricted the option for most expats to transfer their pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS).
This charge is applied to any pension transfer made outside of the UK unless the pension holder resides in the same country as the overseas pension provider.
International SIPP
When relocating from the United Kingdom, one of the most suitable options is transferring your pension into an International SIPP (Self-Invested Personal Pension). This UK-based pension is tailored for non-UK residents, meeting UK regulatory standards with oversight by the Financial Conduct Authority (FCA), protection under the Financial Services Compensation Scheme (FSCS), and regulation by the Pensions Regulator.
An International SIPP offers the benefits of both onshore and offshore pension products, including:
Ongoing Wealth Management
Access to professional advice from a regulated financial adviser for continued wealth management.
Currency Risk Mitigation
Strategies to manage currency fluctuations, reducing the impact of exchange rate changes.
Greater Investment Choice
A broader range of investment options to tailor your portfolio to your risk profile and financial goals.
Tax-Efficient Withdrawals
If a Double Taxation Agreement (DTA) exists between the UK and your new country of residence, pension withdrawals may be made gross of UK tax under an NT (No Tax) code. Local tax treatment will vary, typically aligning with your new country’s income tax rates.
Best International SIPP 2024
Choosing the best International SIPP depends on several factors, including your financial goals, investment preferences, and the level of flexibility you need. A detailed look at the international SIPP market can be found here.
Transfer Pension From True Potential
To transfer your True Potential pension plan, start by consulting with a specialist expat financial adviser. This initial consultation allows you to discuss your main goals for a potential transfer, such as gaining better access to your pension, improving management options, or addressing other specific needs.
After reviewing your objectives, you may find that a transfer isn’t essential. Your adviser can help you explore all available options, including investment products that are compliant with your new country of residence, to ensure you make the most informed choice for your situation.
The Wealth Genesis Expat Financial Advisers
The Wealth Genesis provides high-quality, cost-effective financial 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, we maintain freedom from ties to specific providers or investment managers. By steering clear of costly, one-size-fits-all managed portfolios, we help reduce fees, maximising your portfolio’s long-term performance.
Book a discovery meeting with us today using the diary at the bottom of this page.
FAQs
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There are no transfer-out charges for exiting your True Potential pension.
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The True Potential contact telephone number is +44 191 300 9319.
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You can login to your True Potential account here.
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Yes, we can assist you with consolidating any UK pension scheme into one pension scheme.
