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A SIPP for US Citizens and Residents

The UK pension solution for US Citizens and Residents 

Unlike many UK pension providers, we offer a SIPP for US Citizens and US Resident customers.

MyExpatSIPP is a type of UK personal pension plan that is designed especially for individuals who have previously worked in the UK, and are now resident overseas.

It is a simple low cost pension fund that allows you to manage your UK pension online, and without having to use a financial adviser.

You can invest in US Dollars with a choice from thousands of investments including Shares, Bonds, ETFs and Mutual Funds. There is a range of low cost ready-made investment options if you're looking for something low maintenance.

We will guide you through the process of drawing your pension when you reach retirement, and assist you with completing the necessary HMRC tax forms.

Complete our short online application and transfer your pensions into one, easy to manage online plan.

Why transfer to MyExpatSIPP

Tax on UK pension withdrawals in the US

You can get up to 25% of your UK pension paid as a tax free pension lump sum.

The double taxation agreement between the US and the UK states that payments from a UK pension scheme made to a resident of the USA, will be subject to tax only in the USA. The tax treaty also exempts the 25% tax free lump sum from being taxable in the US. More information on this can be found here: https://www.castroandco.com/blog/2018/february/u-s-tax-treatment-of-uk-pension-distributions/

This means that any withdrawals from your SIPP account can be paid without any tax deducted in the UK.

Income payments from your SIPP account will be subject to taxation in the US and will need to be declared to the IRS.

You can find out more about the UK/US tax treaty here.

As part of our SIPP for US citizens service, we can guide you through your options when you decide to start drawing your pension and can assist with completing the necessary HMRC forms to claim double taxation relief.

UK pension information for US Citizens, residents & expats

Can I transfer my UK Pension to a 401k?

You're not able to transfer your UK pension into a 401k due to the QROPS rules set out by HMRC in the UK.

You can however transfer your pension to another UK pension plan which is now very easy and there's no tax implications.

With our SIPP for US citizens and residents, the whole process can be completed online and pensions can be transferred into your new SIPP in just a matter of days.

The 3 most common questions we get asked by US residents

 The UK Pension solution for non-UK residents

US tax treatment and FATCA for UK pension schemes

Under the US-UK intergovernmental agreement signed on 12 September 2012, UK Pension schemes will be treated as "Non-Reporting UK Financial Institutions".

Therefore, UK Pension schemes do not have to report to the IRS about their US Person customers. The individual customer, however, will still have to declare the details of their UK pension to the IRS.

A SIPP is a personal pension scheme approved under Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988 in the UK. Therefore, under the terms of the UK/US tax treaty, a SIPP is recognised by the US as a ‘pension scheme’, in the same way that a 401(k) qualifies as a ‘pension scheme’.

Transfer your UK pension to a SIPP

online sipp

Manage your SIPP online

Get online access to your pension just like internet banking. You can view the value of your SIPP and track any transactions in or our of your plan.
SIPP flexible

Flexibility

A SIPP offers flexible drawdown so you have the option to take regular income withdrawals, lump sums or take your whole pension fund in one go.
SIPP control

Control

With a SIPP, you're in total control of your pension. There's no employer link so you decide how its invested and how and when to take withdrawals.
SIPP access from age 55

Pass on your wealth

A SIPP allows you to pass on your pension fund to your beneficiaries with no UK inheritance tax liability. SIPPs can be passed through generations.
Want to find out more?
What is a SIPP?

Got Some Questions?

Send us your questions and one of our pension experts will be happy to help.

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