Transfer Transact Pension As A Non-UK Resident
In this article, we will detail how you can transfer your Transact Pension as a non-UK resident, through the use of a globally regulated Expat financial adviser.
What Can I Transfer My Transact Pension To?
You have two key options:
An International SIPP
A detailed article on international SIPP's can be found here. In short, it's an FCA authorised UK Pension scheme that has been specifically created for non-UK residents. Key benefits include:
Full Flexible Access Draw-down
Access your pension pot at your convenience, whether opting for regular monthly payments or making ad hoc withdrawals of any value.
Investment Management
Work with a European-regulated adviser like ourselves, ensure your portfolio is aligned with your risk tolerance and objectives.
Extensive Investment Options
As with the Transact SIPP, gain access to a wide range of regulated investments including ETFs, mutual funds, FTSE listed shares and DFM’s.
Multi currency
Invest in all major currencies enabling you to mitigate the currency risk of holding your pension in GBP whilst living and speaking in Euros.
Regulation
An International SIPP is essentially a UK SIPP, providing you with the regulatory oversight and protection of the FCA, the Pensions Regulator, and the FSCS.
Portability
The International SIPP can follow you to any country in the world, eliniating the requirement to transfer again even if you return to the UK.
QROPS
Qualifying Recognised Overseas Pension Scheme. A QROPS (Qualified Recognised Overseas Pension Scheme) still provides substantial Inheritance Tax (IHT) benefits for specific scenarios, even though many other benefits were removed with the elimination of the Lifetime Allowance in the March 2023 budget. More details on the intricacies of QROPS can be found in this comprehensive article.
Note, with the new budget changes of 2024, unless you are resident in Malta or Gibraltar a QROPS will likely no longer make sense.
Working With The Wealth Genesis
Our flat-fee structure ensures equal and transparent charges for all clients.
Our complete independence grants us access to an extensive array of investment options and financial products from diverse providers. This enables us to craft the most tailored solutions for our clients, unrestricted by in-house constraints or pre-determined choices.
How Much Does a Transact Pension Transfer Cost?
£3000 advice fee and 0.85% ongoing.
For further information and to arrange a free initial consultation, use the diary below.
