Self Manage SIPP?

Mercuryrev

Just asking the question probably gives a hint to my lack of knowledge on investments etc.

Due to moving abroad and my bank not allowing me to have a UK bank account, my financial advisor cannot continue to work for me.

So the simple question is can I manage my own SIPP?

As above I have very limited investment knowledge but I at least have the time to learn. The SIPP is currently invested with three different investment companies and there has been very little 'management' by our FA, or the company they work for.

I am approaching state pension age and over the next few years would probably look for a steady regular return, which is pretty much what the SIPP has provided so far.

Baldytyke88

I have a SIPP, and I chose which shares to buy and sell. Many don't buy individual shares, but a SIPP is called

"Self-Invested Personal Pension".

Bostonerimus1

Why don't you open an account with a UK bank that is ok with you living overseas? Also an account with a company like Wise can provide many of the services of a UK bank.

Make sure you understand the tax implications of your move for your accounts: SIPPs, and especially ISAs which might not be recognized where you move to. I think you probably need tax advice more than investment advice.

If you are worried about managing your SIPP you could always buy an annuity before you move, but make sure you have worked out the mechanics of having your annuity income deposited in either a UK or foreign bank before you move.

It's not too difficult to learn the basics of managing your investments and it's even easier if you take a relatively passive approach such as that advocated by "Bogleheads". However, doing that from overseas will add some complications.

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82119055#Comment_82119055

Thank you for your reply. It's not so much the bank that is the problem, the company who our FA works for, decided recently to not have overseas customers.

We moved several years ago and are now tax resident abroad.

I take it 'Bogleheads' is a resident of this forum?

Thanks again

LHW99

Exactly where "abroad" is / will be may make a difference too (EU, US, Timbuctoo….?). It could also make a difference in how your SP increases, in due course.

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82119074#Comment_82119074

Thanks for the reply

I'm in France

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/82119063#Comment_82119063

"Bogleheads" are people who follow the investment philosophy of Jack Bogle, the founder of Vanguard. You might also want to have a look at the forums over at "Britishexpats.com".

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82119078#Comment_82119078

Ok thanks and thanks for being gentle with my ignorance….

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82119063#Comment_82119063

You would need to check with the SIPP provider if they are OK with a customer managing the account directly from France.

the company who our FA works for, decided recently to not have overseas customers.

They probably had a good reason for that decision- maybe too much hassle with the regulations etc.

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82119144#Comment_82119144

Thanks for the reply.

I would if it is possible and advisable (down to my inexperience) for me to do it.

I have no idea what the reason is, in my case nothing changed as far as I know, other than no tax being paid. Payments go straight into a UK bank, so perhaps it was a blanket decision for anyone with a non UK address.

Perhaps it is more to do with the actual advice, or not being able to offer certain products, ISAs for example.

Worried_fool

https://forums.moneysavingexpert.com/discussion/comment/82119055#Comment_82119055

UK banks are not allowed to offer accounts to non-residents. The best they can do is offer an account with their "international" branches, generally based in territories such as the Isle of Man. While these accounts enable one to continue to be a customer of a well-known bank, they do not have the same protections (FSCS, Ombudsman service…) as mainland bank accounts.