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enquiries@bellinghamhouse.co.uk

+44 191 359 2115

Financial-Planning

SIPPs

Control your retirement with a Self Invested Personal Pension

A Self Invested Personal Pension (SIPP) gives you control over your pension investments
 
SIPPs can be a suitable choice if you now live in the USA, and have your pension back in the UK.
 
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)
  • 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.

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