Open a SIPP Account
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FAQs

Please read our frequently asked questions and get in touch with us if you can't find the answers you're looking for.

Transferring a pension

Very! Most pension providers now use an electronic system called 'Origo' which cuts out all the unnecessary paperwork so transfers are completed in a matter of days rather than weeks.

When you set up your SIPP account, you just need to tell us the name of your existing pension provider and your policy number and we'll do the rest.

Yes, the SIPP is ideal for combining multiple pensions into one easy to manage online plan. When you sign up you can include multiple pensions and we will transfer all of these into your new plan.

Yes, you will be able to transfer a defined benefit pension to the SIPP. When transferring a pension containing safeguarded benefits, such as a Final Salary pension, you must obtain appropriate independent advice from an FCA authorised and regulated Financial Adviser.

Please get in touch and we can assist you with arranging the advice.

Yes, we have helped many people who have previously transferred their pensions to an often expensive and unnecessary QROPS. In most instances, you will be able to transfer your money from the QROPS into our SIPP, but it will depend on who your QROPS is with. Contact us and we can let you know if it's possible. 

If you have been awarded a percentage of your ex Spouse's pension as part of a pension sharing order, you will be able to transfer this to a new SIPP with us. Get in touch and we'll let you know how to arrange this.

The investments

You are ultimately responsible for managing the investments in your SIPP. We don't provide any investment advice so it is important that you understand the risks involved.

We will provide you with guidance and information so that you can make informed decisions regarding your SIPP.

You can invest in a wide range of investments from the world's leading investment managers including:

  • Exchange Traded Funds (ETFs)
  • Open Ended Investment Companies (OEICs)
  • Unit Trusts
  • Investment Trusts
  • Shares

The ready-made portfolios invest into funds that are managed by BlackRock and Vanguard - two of the worlds largest money managers. They invest and manage the money in the funds on a day to day basis.

Yes, you are able to change your investment portfolio selection at any time. This can often be useful when approaching retirement and you want to reduce some the risk with your investments and protect what you have already built up.

Making withdrawals

Under UK pension rules, you are allowed to start taking withdrawals from your pension once you reach age 55. Provided you're aged 55 or over, as soon as we receive a transfer we will be able to pay a withdrawal, there is no waiting period.

MyExpatSIPP allows you to take withdrawals using flexi-access drawdown rules. This means you have complete control and flexibility over how you withdraw the money from your pension.

Find out more on the Withdrawals page.

Yes, we can pay the tax free lump sum with the rest left invested in your plan which you can access later on at any time. You don't have to take your full 25% all in one go, you can take this in stages so you can benefit from any growth in your pension.

Once we receive all the money from your existing pensions, we can usually pay the tax free lump sum within 5-10 working days. Income payments and UFPLS payments must be processed through PAYE and our payroll is run on the first of each month.

No, we can pay your withdrawals to a bank account anywhere in the world. The payments will always be made in pounds sterling so any currency conversion will take place at your receiving bank.

The charges

Once you take your first withdrawal using flexi-access drawdown, there is an additional annual charge of £150 p.a.

For example, if you take the full Pension Commencement Lump Sum (25% tax free cash), this will trigger the £150 p.a. drawdown charge. Any subsequent withdrawals will not be subject to additional charges.

The charges will be deducted from your Account at the end of each month in arrears. Where your Account does not have sufficient funds to pay the charges, the platform reserves the right to sell any investments held as part of your portfolio to cover the charges.

We suggest you maintain a minimum balance in the cash account to cover the ongoing charges.

There is UK Stamp Duty of 0.5% on purchases of UK shares. There is also a PTM Levy (Panel on Takeover and Mergers) of £1 on UK share deals over £10,000.

Purchases of some Overseas shares may also incur taxes.

The MyExpatSIPP service

MyExpatSIPP combines modern technology with personal service and expert knowledge to help you stay in control of your pension in the UK. We transfer your old pensions into a new online self invested personal pension plan that allows you to manage your UK pension savings from anywhere in the world.

You will be in complete control of your new pension plan and will get your own Account Manager who will handle the initial transfer process and will then be on hand to answer any questions about your pension. When you want to start making withdrawals, they will be able to guide you through the whole process, letting you know your options and any implications of being a non-UK resident.

MyExpatSIPP are specialists in helping non-UK residents to gain control of their money held in a pension in the UK. We understand the issues it creates when you no longer live in the UK but still have money left in a UK pension scheme. We help you to understand your options as a non-UK resident and what the tax implications will be when drawing your pension from overseas.

The SIPP is designed for the modern day with the ability to manage your pension through your secure online account together with the benefit of personal service from a company who understands the rules when you are no longer resident in the UK.

Many people started a pension 10, 20 or even 30 years ago and these were normally set up through an old employer so you didn't really get much choice in the type of pension you wanted.

Billions of pounds is still held in these old pension contracts that are administered using old paper based systems with little flexibility or choice of investment. The charges on pensions are now significantly less than they used to be, however, old pension plans may still be using old charging structures and paying commission to a financial adviser who you haven't spoken to for decades.

Added to that, once you tell these pension providers that you're now resident overseas, they become puzzled about how things are going to work.

MyExpatSIPP is different. Our team have many years of experience helping expats and non-UK residents with their pension in the UK. We understand the concerns people have about the tax treatment of withdrawals in their country of residence. The modern online pension plan has simple low ongoing charges and doesn't require you to complete reams of paperwork whenever you want to change anything.

None! We've embraced modern technology (unlike many dinosaur pension providers) so you won't need to fill in any paperwork to open a SIPP account as the whole process is completed online. We can even transfer your old pensions without you having to complete any paperwork. We're helping to save trees through pensions!

You will be provided with a secure online account that you can login to whenever you want to see the value of your pension and track the performance of your investments. You'll also be able to see any transactions in or out of your plan, and all correspondence will be stored online so won't need to worry about keeping any paperwork.

Yes, MyExpatSIPP is authorised and regulated by the Financial Conduct Authority, reference number 805568. You can find us on the FCA register.

SIPP stands for self invested personal pension plan and is a type of pension plan in the UK that gives you greater control and flexibility over the money in your pension. It is not linked to any employer or insurance company so you have complete control over how your pension is managed.

Other questions

Yes, US citizens and US residents will be able to open a SIPP account. You will usually need to report the value of your pension to the IRS on your annual return.

You will be responsible for ensuring you comply with any local tax rules and regulations.

On your death, 100% your pension is usually passed onto your nominated beneficiaries. You can nominate your beneficiaries when you complete the application and these can be changed at any time.

If you die before the age of 75, your beneficiaries will be able to draw money from the pension tax free. If you die after age 75, then the withdrawals will be taxed at the beneficiary's marginal rate.

Pensions in the UK are not usually subject to UK inheritance tax so they can be a useful way of passing on wealth to future generations.

Yes, we can help you to find a lost pension. We'll just need you to provide a few details about you and your old employer and then we can start the search for your old pension.

Yes. As we're authorised and regulated by the Financial Conduct Authority, you would be protected by the FSCS if we became insolvent.

No there is no fixed minimum, however, we suggest you transfer or invest at least £25,000.

The operator and administrator of the pension scheme, which the SIPP is part of, is Gaudi Regulated Services Limited. They administer pension schemes for many platforms and investment managers in the UK. Gaudi hold the necessary FCA permission for 'establishing, operating and winding up a personal pension scheme'. You won't normally have any direct contact with Gaudi and any questions regarding your SIPP should be directed to your Account Manager at MyExpatSIPP.

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