International SIPP without a financial advisor?

simond83

I left the UK over 4 years ago now and live in Singapore. I've got £90k with the Pru, but no way to easily trade this, as any fund changes need to go via my FA. This is not ideal for me and I'd like to move the money over to an International SIPP.

This is easy enough to do, but it seems like I have to pay for the privilege and IFA's are wanting a cut of up to 3%!

It's too late (now I've left the UK) to move this pot into my existing UK SIPP with HL, so I'm looking for a self managed option.

Is there any way to independently open an International SIPP without the need of a financial advisor??

dunstonh

Is there any way to independently open an International SIPP without the need of a financial advisor??

What is an international SIPP?  SIPPs are a UK product type within UK pension legislation.
Or are you just referring to SIPP providers that accept non-residents?

simond83

https://www.moneyinternational.com/international-sipps/

dunstonh

So, not an international SIPP then.

simond83

Anyone else with experience in international sipps? Can I do this without a FA??

Linton

Sorry I have no personal experience of International SIPPs but....
Judging from your link and other websites it appears to me that "international SIPP" is just a marketting term used for a service offered by expat FAs whereby they provide the support of a standard UK SIPP for non-residents.  It does not appear to have any meaning beyond that.

If that is the case then by definition to use that service you need to be a customer of the FA.

Whether you can do whatever the FAs do I guess would be dependent on your knowledge of the relevent laws both in the UK and where you live and the attitude of particular UK standard SIPP providers to expats.

Some of the issues are outlined in https://www.expertsforexpats.com/answers/pensions/can-non-uk-residents-open-a-sipp/

dunstonh

Sorry I have no personal experience of International SIPPs but....
Judging from your link and other websites it appears to me that "international SIPP" is just a marketting term used for a service offered by expat FAs whereby they provide the support of a standard UK SIPP for non-residents.  It does not appear to have any meaning beyond that.

Correct.   it is just a SIPP that accepts non-residents.    

bostonerimus

It's good to be thinking of pensions and arranging them to be convenient for your current circumstances, but make sure you compare the costs and administrative overheads of any transfer and whether or not it will be appropriate for you circumstances
when you retire. IMO there's no need to trade much on a pension account as it should be allocated for long term growth and maybe the allocation adjusted on a decades long time scale.

As and expat myself one thing I would definitely do (if you haven't already) is to apply to pay voluntary NI, Class 2 is very inexpensive - if you qualify.

simond83

Thanks @bostonerimus - I've just saved myself ~3% by going with a SIPP. This pension has stagnated the last 10 years and I've seen no benefit from the bull market we've had. I'm not looking to trade, but just have the option to move funds when i desire and not have to go via a FA with limited options.

As for NI, i've already lodge my letter with HMRC, just waiting to hear back from them once I get through the ridiculous backlog.