International SIPP For Expats in Singapore

An International SIPP (Self-Invested Personal Pension) is a UK-based pension scheme designed for expatriates, including those residing in the UAE, who want to access and manage their funds while living abroad.

If you now live in the UAE and hold one or more UK pensions, an International SIPP can provide several benefits.

What Is An International SIPP?

An International SIPP is a UK pension scheme that has been specifically created for non-UK residents. It retains the robust protection of the UK regulator whilst providing you with a wide choice of investments and flexible retirement benefits.

International SIPP For UAE

Upon relocating to the UAE as a British expat, you can lose the ability to access and control your UK pension scheme. With income tax rates of zero and a high cost of living, ensuring your pension is accessible and invested in line with your risk appetite is vital.

An International SIPP allows you to consolidate one or more UK pension schemes whilst investing your pension pot to meet your objectives such as capital growth, income generation, and capital protection.

As an International SIPP is a UK pension scheme, transferring your pensions does not create any unnecessary tax liabilities as you would with a Qualifying Recognised Overseas Pension Scheme QROPS. (An Overseas Transfer Charge of 25% is applied to all UK pensions of UAE residents when transferring to a QROPS.)

International SIPP For Expats in UAE

As an expat in the UAE, the International SIPP provides many key features suited to your specific circumstances. These include:

A wide variety of funds and experienced fund managers

  • Investment options in multiple currencies, including: US Dollars (USD), British Pounds (GBP), Euros (EUR).

  • Pension benefits accessible from age 55,(57 from 2028) regardless of employment status

  • Competitive and transparent charges

  • 25% tax-free lump sum from your pension fund

  • Flexible withdrawal options from age 55 (57 from 2028), including regular income, ad hoc lump sums, and a combination of the two without the need to purchase an annuity.

  • Tax Efficiency – Growth within the SIPP is tax-free; by obtaining an NT code you can also draw your pension income free of UK tax. Note, you will be taxed on the income should you return to the UK within 5 years.

  • Consolidation of UK Pensions – Combine multiple UK pension pots into one manageable account, including defined benefit pensions, defined contribution pensions, and personal pensions.

  • 24/7 online access to your pension details

Pension Advice For Expats In UAE

For British and international expats living in the UAE, managing your pension effectively is fundamental to ensuring a comfortable retirement. The UAE has no state pension system for expats, making it essential to plan independently.

The Wealth Genesis provides comprehensive financial planning and wealth management services at a fixed, transparent cost. Our high-quality approach includes an initial consultation and continuous support to ensure your financial well-being.

We assist in selecting the most suitable investment products and strategically allocating your assets to align with both your current needs and long-term financial objectives.

FAQs

  • If you leave the UAE, nothing will happen to your International SIPP. It will remain accessible at all times, no matter where you go. The only consideration is the tax treatment of any withdrawals, as you will likely lose the preferential tax treatment of UAE residents.

    For a standard UK SIPP, you will need to contact the provider for clarification.

  • There are several International SIPP providers available. They range in cost, investment options, service provided, functionality, safety and security, and reputation. We recommend the best International SIPP for your position and requirements.

  • Whilst we are fully independent and not tied to any one product provider, our current preferred International SIPP provider is the Novia Global SIPP.

  • Yes, within an International SIPP, you can invest in ETFs, index funds, and low-cost tracking funds in multiple currencies.

  • We charge a flat fee of £3000 to transfer one or consolidate multiple pensions. Some providers may have exit penalties, although these are rare. Defined Benefit pension schemes will incur additional costs due to the requirement of a UK FCA authorised Pension Transfer Specialist.

  • Yes, also known as a fiduciary, we advise solely based on product and investment suitability. We never accept any type of commissions or inducements from the product providers or fund ranges. This removes all conflict of interests and ensures total transparency for a relationship based on trust and positive client outcomes.