Pensions as an Expat

Kirkwood86

Hi,

I am at a bit of a loss as to what to do about my pensions, so hopefully someone on here won’t mind providing some advice

I left the UK just over three years ago but still have two pension pots with UK companies.

One SIPP with 26k 
One former workplace pension with 21k

As I am no longer a UK resident the SIPP provider will no longer let me deal using their platform. They also won’t let me transfer the workplace pension to them, which is not ideal as the SIPP has strongly outperformed the workplace one. 

I have heard about companies that offer SIPPs for expats but have read bad things about them (high fees, dodgy practices). 

Does anyone have any advice about how they would proceed in this scenario? 

As background I am 34 yrs old. Will probably return to the UK at some point but not 100% sure if or when. 

Many thanks,
BK 

Marcon

Kirkwood86 said:

Hi,

I am at a bit of a loss as to what to do about my pensions, so hopefully someone on here won’t mind providing some advice

I left the UK just over three years ago but still have two pension pots with UK companies.

One SIPP with 26k 
One former workplace pension with 21k

As I am no longer a UK resident the SIPP provider will no longer let me deal using their platform. They also won’t let me transfer the workplace pension to them, which is not ideal as the SIPP has strongly outperformed the workplace one. 

I have heard about companies that offer SIPPs for expats but have read bad things about them (high fees, dodgy practices). 

Does anyone have any advice about how they would proceed in this scenario? 

As background I am 34 yrs old. Will probably return to the UK at some point but not 100% sure if or when. 

Many thanks,
BK 

It's not the SIPP which has outperformed your workplace pension, but the underlying funds in which you are invested. Are you able to change your investment choices within the workplace pension?

For the amounts involved, and given your age/your possible return to the UK, it may not make much sense to try moving them to so-called international SIPPs.

[Deleted User]

Where do you live?  I am in a similar position living in Canada. Moved money to X-O Jarvis SIPP. They let me deal.  Apparently, if you are in the EU, there could be issues caused by the EU. 

dunstonh

As I am no longer a UK resident the SIPP provider will no longer let me deal using their platform.

Where are you now resident.   Most platforms can still deal with ex-pats as long as they are not in certain countries/jurisdictions.  If you moved to the EU, for example, then the EU has banned UK financial companies from offering services in the EU unless they set up a full operating company in the EU or open a branch in each of the EU27 countries and apply for permissions from each member state.    For most platforms,s that is not commercially viable.

They also won’t let me transfer the workplace pension to them, which is not ideal as the SIPP has strongly outperformed the workplace one. 

Neither the SIPP or the workplace pension have performed.  It is the investments within them that perform.  Are your investments in the same areas? - if not, then how about changing the workplace pension investments?

bostonerimus

Take a look at the tax treaty between where you live right now and the UK to see how they are taxed. Generally it's best to get your finances arranged before you change tax residency as cross border transactions can be difficult, I would probably leave things as they are and put your efforts into working out how you are going to invest and put money into a pension right now.