International SIPP

A Self Invested Personal Pension (SIPP) is a very flexible pension plan that allows you to take control of your own investment decisions when saving for your retirement. They provide greater choice and flexibility regarding investments, tax benefits and currency choice.

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Pensions

International SIPP

French Tax Implications of a UK SIPP

An International or Non-Resident Self Invested Pension (SIPP) is a pension plan that lets you take control of your investment decisions when saving for your retirement. SIPPs provide you with more choice and flexibility regarding your investment, tax benefits and the currency you choose.

What is an International SIPP?

If you are now living in France or looking to move to France, an International SIPP will allow you to transfer and consolidate benefits from UK-registered pension schemes while still protecting you under UK regulations.

With flexible-access drawdown, the SIPP allows you to take regular or variable income whilst remaining invested. You do not have to purchase an annuity.

With an International SIPP, expats are able to hold assets that are adapted to international clients, in different currencies but still meet the requirements of the Financial Conduct Authority (FCA) in the UK.

Why use an International SIPP as a French Resident?

Combine

Combine your old UK pensions and transfer them into a brand new International SIPP in a few easy steps.

Meets UK requirements

An International SIPP with Harrison Brook will be regulated by the Financial Conduct Authority in the UK.

Investment freedom

An International SIPP for expats gives you the ability to hold assets that are appropriate for international clients and also in other currencies.

Key Info

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Most expats can open an International SIPP, whether employed, self-employed, not working or retired.

International SIPP Benefits

The rule of thumb is that most expats can open an International SIPP, whether employed, self-employed, not working or retired. What is important to note is that where you have your main home determines the tax treatment of contributions into the scheme.

If you are:

  • An expat who is still a UK taxpayer, you’ll get pension contribution relief on the money set aside for retirement
  • A tax resident in France, you can still have a SIPP but will not have tax relief on your contributions.

But importantly in both of the above scenarios you can take benefit (drawdown) in any country but it’s important to check what Dual Taxation Agreements (DTA) are in place with the UK and the country that you are residing. In the case of France, there is a DTA in place, you should check with your financial adviser to understand how it applies to your situation.

Advantages of an International SIPP

The benefits are numerous and offer a much wider range of investment choices and flexibility compared to standard pensions, and also grow free of capital gains tax or income taxes. Another big advantage is you can hold your UK pension capital in all major currencies, so you can slowly convert your GBP pension capital into the local currency ready to start drawdown without the monthly currency risk.SIPP pension investment vehicles typically may include mutual funds, investment trusts, GILTS, UK and Overseas stocks and shares, unlisted shares, Insurance bonds, OEICS and unit trusts, exchange-traded funds (EFTS) but also property or land.

SIPP pension investment vehicles typically may include:

Flexible Access

Management

Tax Relief

Extensive Investment Options

Multi-Currency

Low Cost

Safety, Protection & UK Compliance

Consolidation

Payments Gross of UK Tax

Investment Options

Which are the most appopriate for you?

International SIPP vs QROPS

A QROPS (Qualifying Recognised Overseas Pension Scheme) is also aimed at expats who have existing UK pension rights. The principal difference is that QROPS are historically better suited to expats who have a large pension pot as they may help mitigate future tax liabilities for exceeding the allowance when you decide to draw benefits. However, the LTA was removed in the 2023 UK Spring Budget so the main difference nowadays is in inheritance tax benefits.

International SIPP Comparison - Fees

Novia Global International SIPPMomentum International SIPPThe Sovereign International SIPPSTM International Pension PlanIVCM Heritage SIPPThe Harbour International SIPP
Setup Fee£0£300£300£150£150£249
Annual Fee£180 (PA)
(charged £45 per quarter)		£500 (PA)£300 (PA)£150 (PA)£100 (PA)£450 (PA)
Establishment of benefits fee£200£250£250£130£250£150
Income drawdown fee£150 (PA)£100 (PA)£100 (PA)£130 (PA)£300 (PA)£150 (PA)
Termination Fee£0£250£250£155£995£499
Able to facilitate insistent clientsNOYESYESYESN/AYES

All pricing will be + VAT if you reside in the EU. PA= Per Annum.

Up to x3 cheaper than the average International SIPP.

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The Process

How to transfer an existing pension into an International SIPP

Transferring your existing UK pension is a fairly straightforward process if implemented in a correct manner into a recognised and FCA approved scheme.

Using the services of Harrison Brook, specialists in expat financial advice and services, will ensure the transfer is done correctly and cost-effectively, fully on a transparent ‘fee’ based model of advice where everything is explained from the beginning.

It is crucial that you are able to make an informed and educated decision on your pension transfer.

Video FAQ

For more information on this service/blog, please watch our FAQ video below. You can also find more video guides on expat financial planning on our YouTube channel.

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What Our Customers Say

Don't just take our word for it, here's what some of our clients have to say.

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Testimonials

  • "I found my personal private client adviser Ryan Frost to be very efficient, knowledgeable and helpful. I will not hesitate to recommend his services to others."

  • "Prompt reliable and expert help when needed.Transparent disclosure of all the costs involved. Friendly and efficient service I would highly recommend."

  • "Sound advice in difficult times. Acceptable prices when compared with alternatives. Regular contact and updates in clear understandable form."

  • "I found my personal private client adviser Ryan Frost to be very efficient, knowledgeable and helpful. I will not hesitate to recommend his services to others."

  • "Excellent customer service all the way through, professional, proactive, patient in answering all my questions, immediate answer to emails, great follow up and communication, deep legal knowledge and legal experience in the field, all of which helped in having my pension transferred in a faster amount of time than normal. I’ve rarely received such swift and excellent customer service before. The whole complex pension transfer experience could have been heavy and stressful, but instead it was the whole opposite."

  • "I would definitely recommend Harrison Brook to other people. My experience in working with our financial advisor was extremely positive. Speed of response and the level of attention to our needs and requests was great. Administration support was flawless."

Harrison Brook has a 5 star independent service rating on Feefo

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