SIPPs
Control your retirement with a Self Invested Personal Pension Get your free guide to UK pensionsSIPPs – Self Invested Personal Pensions
A Self Invested Personal Pension (SIPP) will give you control over how your retirement savings are invested.
SIPPs can be a suitable choice if you now live in the USA, and have your pension back in the UK.
Self Invested Personal Pensions
Self Invested Personal Pension schemes (SIPPs) are UK personal pension schemes.
The benefits of SIPPs
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SIPPs have the full range of flexible benefits available. This includes the option to take all the funds out if required
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You can take your pension from 55
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Wide variety of investment choices
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Costs tend to be lower than other pensions
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On death your beneficiaries get paid the remaining funds (tax free if you die under 75)
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Consolidate your pensions into one scheme
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Online tools are often available to manage the pension
The types of pensions you can transfer to a SIPP
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UK Pension Transfers – Frequently Asked 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?
Most types of pension schemes can be transferred where there is a transfer value (e.g NOT UK State Pensions) available, with the exception of unfunded public sector schemes.
Will I have to pay UK taxes?
Any pension scheme in the UK will deduct tax at source on pension income paid unless there is a double taxation agreement in place with the member’s country of residence and HMRC agrees to pay gross and issues a tax code accordingly.
Can I take my pension in US dollars?
Certain types of pension schemes such as SIPPS can pay benefits in multi-currencies.
Is there a minimum amount I can transfer?
Whilst there is no formal minimum, small funds may not be viable to transfer as the costs may outweigh the benefits.
In practice transfer can be considered 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 but 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 and a transfer may be needed to get this benefit.
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