PENSIONS
A team at the service of your objectivesA self-invested personal pension (SIPP) is simply a U.K. regulated pension scheme that is set-up, owned and ultimately controlled by the individual in accordance with UK law.
The SIPP holder has much greater control over what investments they can make within the pension compared to traditional pension plans. It is essentially an account through which the holder can invest into various investments with the aim of generating a return. The SIPP holder both reaps the rewards and bears the risk of these investments.
Many people will work for multiple different companies during their working lives, which also means they will likely accumulate several different pensions in different places. This means numerous accounts with numerous contact details, online log ins and account numbers, which can become a little overwhelming, not to mention complicated to manage.
Combining all your pensions and consolidating them into one place can help make life easier for you and give you peace of mind. This also makes it incredibly easy to manage and monitor your pension and its performance over time.
Whilst being an expatriate has many benefits, one of the drawbacks is that companies do not make pension contributions on your behalf and instead pay the extra as a salary, leaving it up to you to make your own provisions.
Through offshore retirement plans you can access the best offshore funds from across the world that grow virtually free of tax, leading to greater growth when compared to their inland counterparts.
A Qualifying Non-UK Pension Scheme (QNUPS) is a pension scheme based outside the UK that qualifies for an exemption from UK Inheritance Tax (IHT) and does not have to be registered with HMRC, unlike QROPS and SIPPs.
QNUPS are generally used by non-UK residents, however they are also used by UK residents who have reached their lifetime allowance limit.
