SIPPs

Control your retirement with a Self Invested Personal Pension
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SIPPs – 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.

Self Invested Personal Pension schemes have a greater scope for making investment decisions. They also have further benefits over other pensions.

 

 

The benefits of SIPPs

  • 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)
  • Consolidate your pensions into one scheme
  • Online tools are often available to manage the pension

The types of pensions you can transfer to a SIPP

 
You can transfer a company or a personal pension (including defined benefit plans) into a SIPP. You can also transfer QROPS (Qualifying Recognised Overseas Pension Schemes) into SIPPs.
 
Pensions that you can not transfer to a SIPP include
 
• State pensions • NHS pensions • Teachers pensions • Armed Forces pensions • Police and Firefighters pensions
SIPPs - Self Invested Personal Pensions
UK Pension-Review

Pension reviews

If you now live in the USA you should consider your UK company or personal pension transfer options.  Get your free, no obligation, guide to Pension reviews today.

QROPS-USA

QROPS

QROPS are overseas pension schemes. QROPS meet certain requirements set by HMRC. In the USA QROPS transfers incur a 25% tax as the QROPS is not in the country where you live.

Get in touch 

Bellingham House Wealth Management
New York, NY 
Direct: + (1) 267.864.8259
Fax: +1 646.430.9466

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.

Get UK pension advice

Discover the UK pension options that are available.

Get your free initial consultation with an US regulated pension adviser.

Contact us

Bellingham House Wealth Management
Direct: + 44 191 359 2115

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