International SIPP
If you’re a UK pension holder living in Europe, you may be considering an International SIPP as an alternative to a QROPS. But what exactly is an International SIPP, and why might it be a good option for you?
What is an International SIPP?
An International SIPP (Self-Invested Personal Pension) is a UK-based and FCA regulated pension scheme designed specifically for non-UK residents. Unlike QROPS, it remains in the UK while offering greater flexibility for those living abroad.
Which Pensions Can Be Transferred?
Most private and company pensions can be transferred into an International SIPP. However, some pensions cannot be transferred, including:
The UK State Pension
Many public sector schemes (e.g., NHS, Police, MOD, Teachers’ Pensions)
Pensions that have already been converted into an annuity
Why Transfer to an International SIPP?
The primary advantage is flexibility. Since the introduction of UK pension freedoms in 2015, retirees have been able to access their pensions more freely. However, following Brexit, many UK pension providers no longer allow non-UK residents to switch to flexible drawdown schemes. Instead, they often encourage either a poor-value annuity or a transfer to an international scheme.
An International SIPP solves this issue, providing full pension flexibility while ensuring compliance with UK regulations—without the restrictions imposed on non-residents by many UK pension providers.
For those looking for a cost-effective, flexible alternative to QROPS, an International SIPP could be the ideal solution. Seeking professional advice is key to ensuring the best approach for your retirement planning.
Key Benefits
Flexi-Drawdown
Full access to pension funds from age 55+ (57+ from April 2028) with flexible withdrawal options.
Multi-Currency Options
Hold and withdraw funds in major currencies.
Global Investment Choices
Access a wide range of investment options.
UK Regulation & Protection
Remains under UK financial regulations.