Self Manage SIPP?

RogerPensionGuy

https://forums.moneysavingexpert.com/discussion/comment/82120798#Comment_82120798

A good point here, I thought I heard UK people living in France take out nice TFLS from their UK pensions and then pay tax on these monies in France making a most unwanted situation for some.

AltaNate

@Mercuryrev assume the SIPP is already up and running as applying from overseas for a new SIPP to transfer into with mainstream providers isn’t possible these days. I missed AJ Bell by a couple of days.

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82120746#Comment_82120746

I'm still researching but it seems to be a bit of a closed shop in that, in most cases, you have to use an approved FA. Most of which will not entertain me because I am an expat.

Operating on my own also seems to not to be too popular.

IFAs may be interested but, again, finding one who is good, will deal with an expat and be approved sounds like a bit like a needle in a haystack.

I'll fire off some emails and see where that gets me.

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82120798#Comment_82120798

As far as I know, as I am not UK resident, I am not allowed to have an ISA.

France doesn't allow the 25% tax free lump sum either, understandably.

They do have a 7.5% tax rate for a one off payment however, although that is subject to social charges. Unless you have an S1 of course. Roll on 2027!

Mercuryrev

https://forums.moneysavingexpert.com/discussion/comment/82121251#Comment_82121251

Yes you would pay tax here, I am surprised they thought they wouldn't!

As I've said above, it is possible to pay just 7.5% on a lump sum.

Mercuryrev

Yes it's been up and running for a while.

It remains to be seen what will happen with the existing SIPP but I'd like to get ahead of things and know my options.

I'm guessing my FA will drop me like a stone, even though it was never explained that moving abroad would be a problem (who knew that early retirees would move abroad!?). Then it's a question of either running the SIPP myself, finding an IFA who can work with me and the providers, or moving the SIPP.

I had been looking at taking a large sum out of the SIPP next year when my tax situation changes here but, as is always the way, this had to happen just short of that date.

dunstonh

I'm guessing my FA will drop me like a stone, even though it was never explained that moving abroad would be a problem (who knew that early retirees would move abroad!?). 

If they know you are a resident in the EU, then they probably already have.

I'm still researching but it seems to be a bit of a closed shop in that, in most cases, you have to use an approved FA. Most of which will not entertain me because I am an expat.

The market is split between providers that retail via intermediaries and providers that retail direct to consumer. If you are contacting firms that only retail via intermediaries, then that is why you are getting that response. It certainly isn't a closed shop.

Operating on my own also seems to not to be too popular.

The issue, as mentioned already, is that you are an EU resident and not a UK resident.

AltaNate

As far as I know, as I am not UK resident, I am not allowed to have an ISA.

You can hold them (the provider may force closure) but cannot contribute to them. Also cannot open a new one. My S&S ISA has restrictions on trading, sales but no purchases.