Nearly one million people have opted to transfer their pensions to a SIPP (Self Invested Pension Plan) and there is no sign of demand slowing.
The reason for their popularity is they give investors access to a huge range of investments so that they can run their pension themselves, or with the help of their appointed financial adviser.
SIPP’s work in the same manner as any other personal pension. From age 55 members can draw up to 25% as a pension commencement lump sum and this is free of UK tax. The residual fund can be drawn flexibly, and this income is taxed at the members marginal rate.
The most notable advantage of a SIPP is the ability to name beneficiaries, and with the recent rule changes in the UK this pension can be paid much more tax efficiently than the previous legislations which taxed the funds at 55% on the death of a member.
IIMG can show you the great benefits an International SIPP could have for you. Get in touch with us today at firstname.lastname@example.org to see the benefits for yourself