SIPPs provide a tax-efficient way to save for later in life. The flexible pension schemes offer a wider choice of investments than most traditional pensions and their relatively low fees make them attractive. SIPPs also offer the potential to pass on your pension fund - free from inheritance tax - to loved ones. The UK based schemes allow you to withdraw benefits to suit your needs, in line with new UK pension rules.
Key benefits and tax advantages of SIPPs
- Up to 45% tax relief on contributions
- Exempt from income tax and capital gains tax in the UK
- Flexible with greater choice of investments
- Potential to pass on your pension fund to loved ones, free from inheritance tax
- Withdraw up to 25% of fund as tax-free lump sum if you are a UK resident
- Draw income from age 55 and up until death
- Consolidate multiple pensions into one fund
- Available to UK residents and in some cases non-UK residents
Transferring existing pensions to a SIPP
To manage your pension funds more easily and potentially reduce fees, you can combine multiple pensions into a single SIPP. This may include personal pension schemes, many occupational schemes, and frozen pensions.
Before you transfer any pension to a new scheme, we recommend you get advice from a qualified pension specialist. There are wider tax implications to consider and the benefits of your current scheme may outweigh the benefits of a new scheme. It all depends on your individual circumstances including your country of residence.
How our pension specialists can help
We can evaluate your situation and explain your options clearly to you, so that you can make an informed decision. Having specialised for over 30 years in providing advice to people who live or work abroad, we are well placed to guide you through the complexities of pension transfer. Our advisers are certified by the Chartered Insurance Institute (CII).
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