Transferring a Gibraltar based QROPS to a UK SIPP

Descarte

I have a QROPS which is based in Gibraltar and already in drawdown. As I am now retired and resident back here in the UK, I would like to transfer the pension to a UK SIPP. But because the QROPS is Gibraltar based the existing trustees will not allow me to transfer it to a SIPP offering flexible drawdown.

However, I do not require flexible drawdown just a small annual payment and direct control over the underlying investments. Therefore, I would be happy to agree to a SIPP arrangement whereby flexible drawdown is not available to me. I believe that would then be acceptable to the Gibraltar trustees. Does anyone know of a SIPP provider that might offer such an arrangement?

Malthusian

If you had a UK pre-2015 "capped drawdown" pension you would have no problem transferring it to another provider's capped drawdown pension. You can't open a new UK capped drawdown pension but transferring an existing one to a new provider is no problem, as long as they offer that option. (Most of the big pension platforms will, some of the newer and more frills-challenged ones may not.)

I do not know whether a Gibraltar QROPS can be transferred to a UK capped drawdown pension. Unless another poster chimes in with a more informed answer, I would suggest ringing a few of the major UK pension providers and first asking

a) whether they offer capped drawdown to capped drawdown transfers (if they don't, don't bother asking question B as they probably won't understand it)

b) whether you can transfer a Gibraltar QROPS to their capped drawdown plan.

If you can't transfer a Gibraltar QROPS to a UK capped drawdown plan, I think you are stuck until Gibraltar updates its rules to allow flexi-access drawdown.

Descarte

That's very helpful - just the type of information I was seeking. Thanks very much!