If you are no longer resident in the UK, but still have a pension there, you may be considering your options for the best way to stay in control of your pension. One way to do this is transferring your pension to a Self Invested Personal Pension (SIPP). If you’re a non-UK resident you can transfer a pension to the MyExpatSIPP.
Here we answer some common questions about setting up a SIPP and transferring a pension to our SIPP.
➤ Find out why MyExpatSIPP is the ideal solution for a non-UK resident
Should I transfer my pension to a SIPP
Transferring your pension to our SIPP will provide you with an online account to track the value of your pension, ready-made investments portfolios that manage your investments for you, potentially lower charges than you’re currently paying and access to our team of pensions specialists who can guide you through your options as a non-UK resident.
If you have multiple pensions, transferring them all into our SIPP means you only have one pension to manage, with one set of charges and can keep track of all your pension savings in one place.
We cannot tell you whether we think a SIPP is right for you or not, you will need to make this decision yourself. You can use the information on our website and speak to the one of our SIPP specialists who will be able to provide some guidance and help you to decide whether you should transfer your pension(s) into a SIPP.
What is a SIPP
A SIPP is a type of personal pension plan in the UK that generally provides a greater amount of flexibility than a standard employer or personal pension. It gives you the freedom to choose your own investments, with increased options and flexibility when drawing retirement benefits. You will be in complete control of your pension rather than relying on an old employer to look after your pension.
What do I need to set up a SIPP
To set up a SIPP, or any type of UK pension, you must have a UK National Insurance number. This is your unique tax identification number, equivalent to a social security number, and is made up of two letters followed by 6 numbers followed by a letter, e.g. AB123456C.
You do not have to be resident in the UK to set up a SIPP, although most UK pension providers do not accept non-UK residents. We are an exception however, as you can set up a SIPP with us regardless of where in the world you are resident.
How do I transfer my pension to a SIPP
If you have a defined benefit pension, such as a final salary pension, which has a transfer value of £30,000 or more, then you are required by law to obtain financial advice from an FCA authorised adviser before you can transfer. The adviser will produce a personalised recommendation on whether they believe it is in your best interests to transfer to an alternative arrangement or not.
If you have a defined contribution pension without any guarantees, such as a personal pension plan, then there is no requirement to take advice before you transfer.
In order to transfer, when you complete our online sign up, you just need to let us know who your pension is with and the policy number and then we can usually arrange the transfer without you having to do anything else.
The list below shows some of the pension providers that you can usually transfer from without having to complete any additional paperwork:
Aegon, Aon, Alliance Trust, Aviva, AXA Life, B&CE, The People’s Pension, Canada Life, Clerical Medical, Curtis Banks, Fidelity, Hargreaves Lansdown, Investec, James Hay, JLT, Legal & General, London & Colonial, LV=, MetLife, Momentum Pensions, NEST, NFU Mutual, Old Mutual, Phoenix Group, Prudential, ReAssure, Royal London, RPMI, Sanlam, Scottish Widows, Smart Pension, Sovereign Pensions, St. James’s Place, Standard Life, Sterling, Sun Life Financial of Canada, Weslyan, Xafinity, Zurich.
Some other older and smaller pension providers do not have this online functionality and will require paper transfer discharge forms to be completed in order to transfer. We will be able to let you know what forms you will need to complete.
Once the transfer has been completed and the money is in your new SIPP, you will have 24/7 online access to your account. Once you reach age 55, you will be able to make withdrawals from your SIPP, and we can guide you through the various ways in which you can draw your money.
Speak to us about transferring your pension to our SIPP.