What is a SIPP?
A SIPP (or Self Invested Personal Pension) is a type of UK registered personal pension that, as opposed to a conventional UK personal pension, can offer greater flexibility and individual control. In many ways, it is similar to an Individual Retirement Account (IRA) in the US.
SIPPs have typically always been much more flexible than other types of UK pensions, particularly older employer or insurance company pension schemes. Since the UK pension flexibilities were introduced in April 2015, SIPPs have offered even greater retirement and wealth planning opportunities.
What is an “International SIPP” or “Expat SIPP”? Are they different to a SIPP?
An International SIPP, an Expat SIPP and a SIPP are all regulated in the UK in the same way. As a result, it could be argued that the terms are used largely for marketing purposes.
However, it is true that not all SIPPs are created equally. For example, some SIPP providers will not accept non-UK resident clients or offer other benefits like being able to invest and draw from a SIPP in multi-currency.
If a SIPP is not called an International or Expat SIPP, do not assume it will not meet your needs as a non-UK resident. At Florin Pensions we work with a panel of UK pension providers so that we can select with clients the pension provider that best meets their needs.
What are some of the benefits of transferring an existing UK pension into a SIPP?
A UK pension transfer will not be right for everyone and will depend on a person’s existing UK pensions and retirement objectives. However, there can be compelling reasons to consider a UK pension transfer. For more information on some of the benefits go to: Why Transfer?
If you would like to learn more about SIPPs, feel free to contact us for an initial consultation.