SIPP

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mjatkey

Registered User
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Hi, I have recently received correspondence regarding a past Defined benefit pension with a UK company I worked for in the 90's. I was thinking of transferring into a SIPP (having taken advice because of its value) thing is I live and work in Ireland (Republic of) and the company I was looking at Interactive Investor (Recommend by Which) T&C’s say you have to be resident in UK. I pay UK tax on a property portfolio and other income as well as being PAYE in Ireland.
Does anyone know of a company that would offer SIPP to non UK resident customer?
Thanks
 
If you transfer out of a UK defined benefit pension scheme, you have to have an independent financial advisor do a benefits analysis for you. There is a lot of press about advisors transferring benefits out of defined benefit pension schemes that clearly weren't in the pensioners best interests.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Hi Steven, yes I have already had a consultation with LEBC adviser and am awaiting their recommendations, although that said I would have liked to transferred straight into my company DC scheme but its managed by Irish Life who aren't QROPS recognized (supprisingly). So am looking at transferring into SIPP in the hope of seeing an increase between now and when I retire. Trouble is I haven't found one (mainstream) SIPP operator who will allow non-UK residents to set them up. The only couple I have found would be some lesser known companies trading from places like Gibraltar one of which seemed to have a history of miss selling pension products. Thanks
 
You are correct about those lesser known companies, they only seem to exist for a couple of years charge 8% and move on. Stay well clear, i used Atlantica Wealth based in New York, but they are uniquely UK and US qualified, bit they have licences across many countries.
 
mjatkey said:
Hi Steven, yes I have already had a consultation with LEBC adviser and am awaiting their recommendations, although that said I would have liked to transferred straight into my company DC scheme but its managed by Irish Life who aren't QROPS recognized (supprisingly). So am looking at transferring into SIPP in the hope of seeing an increase between now and when I retire. Trouble is I haven't found one (mainstream) SIPP operator who will allow non-UK residents to set them up. The only couple I have found would be some lesser known companies trading from places like Gibraltar one of which seemed to have a history of miss selling pension products. Thanks
Click to expand...

If your preference is to transfer to Ireland, then you should be able to transfer into an Irish Buy-Out Bond. There are a number of those that are on the ROPS list, e.g. Davy, ITC, Standard Life, Zurich Life and others. Most of these offer self-directed functionality if you want to manage your own investments.

As stated above, it's very important to get good advice on whether or not this is in your best interests.

Can't help you with UK SIPP providers for non-UK residents, I'm afraid.

Regards,

Liam
www.ferga.com
 
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