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Moving to a drawdown pension

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Moving to a drawdown pension

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Old Oct 23rd 2025 | 11:34 am
  #16  
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Default Re: Moving to a drawdown pension

Originally Posted by scotty9000
Move it to a SIPP and then you can manage the drawdown yourself ad hoc?
Have you done this as an expat?
Which provider allowed you to open a SIPP as non-resident ?
 
Old Oct 23rd 2025 | 11:35 am
  #17  
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Default Re: Moving to a drawdown pension

Originally Posted by Jakeinaka
I moved my pension to a company that offers flexible drawdown, no matter where in the world you live. Only issue is they only pay to a UK bank account
Can you say which company ?
Did you do this as a non-resident ?
 
Old Oct 23rd 2025 | 8:18 pm
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Default Re: Moving to a drawdown pension

Originally Posted by carlap
Have you done this as an expat?
Which provider allowed you to open a SIPP as non-resident ?
No I am uk tax resident
 
Old Oct 24th 2025 | 4:56 am
  #19  
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Default Re: Moving to a drawdown pension

Originally Posted by scotty9000
Move it to a SIPP and then you can manage the drawdown yourself ad hoc?
Every SIPP option that I have looked at requires you to go through a financial adviser for every draw down request. Financial advisers in the UK will only deal with UK residents. I'm not sure if this requirement is legislated or not. Are there any providers that do not require you to consult on each drawdown?
As far as annuities go, I need a UK postcode to determine the rate. I don't have a UK postcode.
 
Old Oct 24th 2025 | 5:08 am
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Default Re: Moving to a drawdown pension

Definitely no ifa is required to set up a sipp, to move it to drawdown, or to arrange each drawdown payment each month.
Look at AJ bell or Hargreaves Lansdowne.
How it differs for non UK residents I don't know, suggest you contact one of these providers.
 
Old Oct 24th 2025 | 5:47 am
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Default Re: Moving to a drawdown pension

There are no mainstream SIPP providers that accept non-UK residents (the two you listed do not either). Non-UK Residents in regulated jurisdictions (EU/US/Australia etc) require a financial adviser to open a compliant SIPP. Please don't opine on things if they are coming from an uninformed position.
 
Old Oct 24th 2025 | 8:49 am
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Default Re: Moving to a drawdown pension

Originally Posted by jlaws
There are no mainstream SIPP providers that accept non-UK residents (the two you listed do not either). Non-UK Residents in regulated jurisdictions (EU/US/Australia etc) require a financial adviser to open a compliant SIPP. Please don't opine on things if they are coming from an uninformed position.
What a plonker, I stated plainly that I was a UK tax resident. Anyone who has UK citizenship can easily be one for a while if it helps.
 
Old Oct 24th 2025 | 9:15 am
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Default Re: Moving to a drawdown pension

Originally Posted by scotty9000
What a plonker, I stated plainly that I was a UK tax resident. Anyone who has UK citizenship can easily be one for a while if it helps.
I'm also a UK citizen, but I am not resident. Huge difference. I also pay UK income tax, but not on earned income.

To be eligible for a Hargreaves Lansdown (HL) account, you must be a UK resident for tax purposes and live in the UK. For existing accounts, you can generally continue to trade if you move to the European Economic Area (EEA), but you may not be able to deposit additional funds if you move outside the EEA, except for specific roles
 
Old Oct 24th 2025 | 9:22 am
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Default Re: Moving to a drawdown pension

I'm all for personal experience.. that's all good. What I would say is that once you have a UK pension eg Sipp, then you are perfectly entitled to operate it if you become a tax resident of say Australia. HMRC will not tax your withdrawals but the Australian tax office will.
This is a retirement scenario so one would not expect to be making contributions to a UK pension, and once in drawdown.

Last edited by scotty9000; Oct 24th 2025 at 9:29 am.
 
Old Oct 24th 2025 | 9:28 am
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Default Re: Moving to a drawdown pension

Taxation is not the issue I'm facing. The issue is that I can only tax the full UK pension pot and I cannot convert to a drawdown pension such as a SIPP. I don't need to take 100% of my funds. Getting access to a personal UK pension has become a challenge as a non UK or EU resident.
 
Old Oct 24th 2025 | 9:31 am
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Default Re: Moving to a drawdown pension

Sounds like you would have to return to the UK for a while, maybe become UK tax resident.
 
Old Oct 24th 2025 | 9:34 am
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Default Re: Moving to a drawdown pension

Originally Posted by scotty9000
Sounds like you would have to return to the UK for a while, maybe become UK tax resident.
It's appearing more that way. I'd rather not deal with US Border patrol at the moment having a non-US accent.
 
Old Oct 24th 2025 | 8:36 pm
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Default Re: Moving to a drawdown pension

Originally Posted by mrken30
I'm also a UK citizen, but I am not resident. Huge difference. I also pay UK income tax, but not on earned income.

To be eligible for a Hargreaves Lansdown (HL) account, you must be a UK resident for tax purposes and live in the UK. For existing accounts, you can generally continue to trade if you move to the European Economic Area (EEA), but you may not be able to deposit additional funds if you move outside the EEA, except for specific roles
I have a very small SIPP with Hargreaves Lansdown (a former freestanding AVC scheme which I transferred into the SIPP in 2014) and put it into drawdown (no IFA required) and took the 25% lump sum in 2017. I was resident (and tax resident) in Spain when I opened it, which HL were aware of as I gave my Spanish address and contacted them to make sure I could open the account with them and transfer the old pension pot to it. After Brexit I received a letter from HL saying that as I was not resident in the UK, I could keep the SIPP, sell funds and make drawdown withdrawals which would be paid into my nominated UK account. However, I would no longer be able to reinvest in other funds within the SIPP, so effectively i haven't been able to change underperforming investments. I didn't want to just withdraw all the funds as I'd be taxed too heavily on them in Spain, and I haven't needed the extra income so I've just left it, mainly because my husband or if he predeceased me, another beneficiary would have been able to inherit it, withdraw funds tax free and it wouldn't have formed part of my estate for IHT, but of course that is now changing from 2027 so I may start to take small annual withdrawals and run it down.
 
Old Oct 25th 2025 | 7:01 am
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Default Re: Moving to a drawdown pension

Originally Posted by carlap
Can you say which company ?
Did you do this as a non-resident ?
This company

Yes, I am not a UK resident. Read their terms carefully, non UK address is OK but you will need your previous info to set up. Also I had a translated and notarised copy of my local ID, which is normal.
UK bank account is a must [UK bank account in the name and address of the customer (matching their registered details). In addition, the bank must be directly regulated by the Prudential Regulation Authority (PRA). ]
Once set up it's easy enough to manage withdrawals myself.
 
Old Oct 25th 2025 | 7:57 am
  #30  
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Default Re: Moving to a drawdown pension

Originally Posted by Jakeinaka
This company

Yes, I am not a UK resident. Read their terms carefully, non UK address is OK but you will need your previous info to set up. Also I had a translated and notarised copy of my local ID, which is normal.
UK bank account is a must [UK bank account in the name and address of the customer (matching their registered details). In addition, the bank must be directly regulated by the Prudential Regulation Authority (PRA). ]
Once set up it's easy enough to manage withdrawals myself.
Thank you.
That is the first 'verified' reference I have seen almost anywhere.
"Who’s eligible to be a PensionBee customer?
Anyone with an existing UK pension can become a customer of PensionBee, regardless of nationality or tax residency"

I will certainly take a look. There have been some anecdotal negative posts about Pension Bee on Facebook but I never really took any notice before.
I am fortunate in that I have a UK address, passport and bank account. All maintained since leaving UK a number of years ago.

By the way, there are a couple of expat SIPP companies, but fine print needs to be read
(removed names, not sure they are allowed)
Number1 - low fee platform, but t&c states non-residents need FA to operate. I do know somebody who operates it themselves as a known non- UK resident
Number2 - higher fees, no FA required

It shouldn't really be this hard.
I understand why for annuities, as these are effectively UK based insurance policies.
But drawdown of existing funds, should be allowed without too much fuss

OH has NHS DB pension and that is doable without much fuss for annual payments
Likewise state pension, fairly standard (but slow) to have paid overseas
 


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