Flat Fee UK Pension Transfer For Expats
If you are an expat living abroad, but still hold pension pots in the UK, you may be growing frustrated with the many restrictions on your account. Unfortunately, once you move abroad, the way you are able to manage and access your UK pension may become limited and inflexible. Additionally, currency risk may threaten to erode the value of your pensions each time you make a withdrawal across borders.
It's no surprise that many UK expats choose to transfer their pensions to a more suitable solution, such as the International SIPP, but with this decision comes the task of finding a transfer service you can trust, with no hidden fees and costs. At The Wealth Genesis, we value transparency, which is why we offer a unique, flat-fee pension transfer service, so you can be sure of exactly what you’ll pay, knowing your hard earned pension savings are protected.
The Wealth Genesis | Our Flat Fee
Why We Offer a Flat-Fee
Most expat financial advisers charge on a percentage basis, often taking between 1% - 5% of the total value of your pension pot. This means that the larger your pension, the more you will pay in advisory fees, and this can significantly impact your retirement savings.
By contrast, our flat-fee structure provides a fixed cost of £3,000, no matter how many pensions you may be transferring, or the total combined value. Along with our value-based ongoing management fee of 0.85%, we provide a far more cost-effective service, particularly for expats with larger pension pots.
This transparent pricing offers clarity and removes any conflicts of interest inherent to percentage-based commission models. Our clients can always be sure of exactly how much they will pay, and that the costs will remain the same regardless of whether they hold one or multiple pensions.
The Pension Transfer Process For Expats
If you are considering a transfer, the first step is to identify the type of pension(s) you hold. Broadly speaking, there are two types: defined contribution (money-purchase pensions and personal pensions) which are the most common among expats; and defined benefit (final-salary) schemes, which can carry more valuable, guaranteed retirement income.
The transfer process for defined-contribution schemes is typically straightforward and can take around one to three months to complete. Defined-benefit schemes can be more complex, as UK regulations require specialised advice and a ‘final advice’ report to be given before a transfer can take place, which can stretch the process to several months as well as increasing transfer costs.
The International SIPP For Expats
Whilst UK pension schemes are designed for residents, an International SIPP (Self-Invested Personal Pension) is a UK-regulated pension solution, tailored specifically for expats living overseas. It remains within the robust legal and regulatory UK framework, while offering much more flexibility and freedom compared to traditional pensions.
An International SIPP offers full flexi-access drawdown options, which is a key advantage for the often unpredictable lifestyle of many international expats. This allows you to manage your pension income, and in turn, your tax efficiency.
Another key benefit for expats is the ability to hold your funds in multiple currencies. This can make a huge difference when it comes to managing currency exchange rate risk, which is often a major concern when you are living abroad and regularly making international transfers.
Another factor that sets the international SIPP apart is the wide range of investment options available. Many providers give access to mutual funds, ETFs, equities, bonds and even alternative assets, allowing you to align your investments with your financial goals and risk appetite.
The Wealth Genesis | International SIPP
The Benefits Of A Flat-Fee UK Pension Transfer
With our transparent flat-fee pension transfer service, there is no uncertainty about how much you will pay, not hidden fees or commission costs.
Consolidating multiple pensions into a single international structure allows you to simplify your retirement planning, and a flat-fee can significantly reduce performance drag, especially if you hold multiple large pension pots.
Greater flexibility when it comes to draw-downs, your pension income, multi-currency options, investment choices, and easier pension management from wherever you are in the world.
UK-regulated, yet designed for non-residents: an International SIPP offers a blend of security and flexibility that few onshore or overseas pensions schemes can match.
Flat Fee UK Pension Transfers Abroad
No matter where in the world you live, managing your UK pension from abroad can time-consuming and complex.
A transfer to an International SIPP is the ideal solution in most cases, offering greater flexibility and control.
Our flat-fee service provides a route to consolidate and optimise your retirement assets, without any hidden costs, surprises or undue complexity.
To learn more, book a discovery call with a member of our team today using the diary below.
