SIPPs
Control your retirement with a Self Invested Personal Pension
-
SIPPs have the full range of flexible benefits available. This includes the option to take all the funds out if required
-
You can take your pension from 55
-
Wide variety of investment choices
-
Costs tend to be lower than other pensions
-
On death your beneficiaries get paid the remaining funds (tax free if you die under 75)
-
Merge your pensions into one scheme
-
Online tools are often available to manage the pension
Frequently asked questions
SIPPs questions
Who is eligible for a SIPP?
Anyone can have a SIPP if they are resident in the UK.
People who now live overseas can also have a SIPP if they want to transfer a UK pension to the SIPP.
What types of pension can I transfer?
You can move a pension where there is a transfer value (e.g NOT UK State Pensions). You can not transfer unfunded public sector schemes, suhc as NHS pensions.
Will I have to pay UK taxes?
Any pension scheme in the UK will deduct tax at source on pension income paid. This is unless there is a double taxation agreement with the country where you now live.
Can I take my pension in US dollars?
Some pensions, such as SIPPS, can pay benefits in multi-currencies.
Is there a minimum amount I can transfer?
There is no formal pension value. But, small funds may not be viable to transfer as the costs may outweigh the benefits. In practice a transfer should be for funds over £30,000
How long does it take to transfer a pension?
It depends on the type of transfer and the parties involved. A rule of thumb is 4-12 weeks.
Is flexible drawdown available?
Defined contribution pension schemes should be able to offer flexible drawdown. But, it depends on providers rules you may need to transfer your pension to get this.
