International SIPP (iSIPP) - What is an International SIPP? | Top 5 Pension Scheme Questions

[@thomashilmersen711]

My deVere advisor claims that Gibraltar QROPS require the use of an offshore bond set-up. Is that true?

[@cameronjamespensiontransfer]

No, that is false. What you may find is that your adviser does not have an investment licence, but rather an Insurance licence (which offshore bonds come under the umbrella of) so they can only advise on offshore bonds and can't facilitate the use of investment platforms.

[@KrisMin]

Crucially can you pay into the isipp when abroad? You can't with a sipp

[@cameronjamespensiontransfer]

That is correct. Many of the iSIPP providers we work with will allow you to complete your maximum £40K top-up per annum. However, you must have UK earned income in order to contribute the full £40K (with uplift from Government). Are you currently residing abroad, Kris? Do you utilise a iSIPP already?

[@platosplatoon6873]

.... so can I contribute to the iSIPP from abroad or not? I am in China but I send my money to my UK bank account each month. This is so unclear!@@cameronjamespensiontransfer

[@worma544]

SIP v QROPS??? I think i need to talk to you guys.

[@cameronjamespensiontransfer]

Hello Please feel free to book in online at www.cjfinance.co.uk

[@timmyhiggins5220]

You forgot to mention that you can't contribute to an international SIPP. I just got off the phone to novia global (useless morons) and was told that if I transfer from an existing sipp that contributions cant be made thereafter

[@cameronjamespensiontransfer]

Hi Timmy Thank you for your comment. You actually can contribute to an International SIPP (which is still just a UK Pension), if you have UK Relevant Earnings, and there are providers we will allow them, and we have facilitated them for our clients. But yes, Novia Global currently can't accept contributions, but it is in their pipeline for later this year/early this year for them to have the ability to start accepting contributions. In reality, it's a very minor point, as 95 times out of 100, the reason an International SIPP is being utilised is that the client now lives overseas and is either retired, or working for an overseas company, so they don't have any UK Relevant earnings to allow them to make a contribution anyway. What is your reason for wanting to utilise an International SIPP? Kind regards Cameron James Transfer Team

[@timmyhiggins5220]

@@cameronjamespensiontransfer basically, I am an Irish citizen who spent a few years working in the UK and opened a SIPP with fidelity when I was there. I'm currently working as an expat in Kazakhstan(a local company) but I cant contribute. Essentially, I want to freedom to contribute to an international pension pension, however from my research such an option doesn't exist with the myriad of traps and rules and regulations. I work in aviation and tend to move to live and work in various countries. The only option I have currently is relying on ETFs via interactive Brokers. Also, when it comes to retirement I haven't decided where I will go, I'm thinking somewhere in south east Asia. Main thing is, I need to freedom to contribute wherever I may be regardless of location

[@cameronjamespensiontransfer]

@@timmyhiggins5220 Hi Timmy There actually are International Pension Plans that would appear to fit your bill. Typically, what we would advise for someone in your situation is a QNUPS. A Qualifying Non-UK Pension Schemes. These pension don't provide tax relief on the way in i.e. contributions are made from post-tax income/assets etc, but they do provide all the CGT/IHT benefits that a standard UK Pension Scheme would provide. These schemes are also popular with high earners in the UK, who can continue to contribute into a pension scheme annually, above the Annual Allowance, and then get the Tax-Defferal and IHT exemption benefits that they have with their UK Pensions. However, given the fixed fees involved with a QNUPS, we would typically not advise one unless the initial minimum to be invested was £100k, with likely regular contributions (to help reduce the effect of the fixed fee further). Otherwise the fees can mitigate a lot of the tax benefits, whilst also losing flexibility on being to access before age 55, and then having to pay income tax (beyond the 25% PCLS) when drawing down on the pot in retirement. If the above sounds interesting to you, and something that sounds like it could be a potential winner, please feel free to book in for a Discovering Meeting at our expense, at www.cjfinance.co.uk. Kind regards CJ Transfer Team