Moving to a drawdown pension
#31
Forum Regular



Joined: Aug 2023
Posts: 129
From: Japan











You don't need a current UK address, just a reference to where you lived previously when the current pension was started, identification purposes. I initially used my old UK address, then was able to update to my current address.
I did look at the annuity option, but the company involved doesn't like non UK addresses, and the offering wasn't what I wanted. Can't be arsed with that so I manage it myself when I need pocket money

#32
Just Joined

Joined: Oct 2023
Posts: 28

Again, what PensionBee is doing here is brazenly illegal. They are circumventing AML/KYC laws, and incredibly flagrantly. They are not allowed to open accounts for non-UK residents. They therefore require non-UK residents to commit fraud by applying with an old address and stating that it is their current address, for which AML/KYC rules and their insurance provider will then go off of. This is incredibly illegal. They are literally asking customers to break the law so they can make money off them.
#33
Forum Regular



Joined: Apr 2007
Posts: 206
From: Brisbane







Facebook is a cesspit, someone there this week complained his pension pot dropped a little, that's how investments work......
You don't need a current UK address, just a reference to where you lived previously when the current pension was started, identification purposes. I initially used my old UK address, then was able to update to my current address.
I did look at the annuity option, but the company involved doesn't like non UK addresses, and the offering wasn't what I wanted. Can't be arsed with that so I manage it myself when I need pocket money
You don't need a current UK address, just a reference to where you lived previously when the current pension was started, identification purposes. I initially used my old UK address, then was able to update to my current address.
I did look at the annuity option, but the company involved doesn't like non UK addresses, and the offering wasn't what I wanted. Can't be arsed with that so I manage it myself when I need pocket money

Don't take it as gospel and if it leads you over a cliff, don't followYou can get some good focused and personal insights. I always ask for a specific link or company, then you can go to that site and check it out
Also if you have done research yourself you can get an idea of what's total BS
Much quicker and more focused than endless google searches and dead ends.
Appreciate the follow up.
#34
Forum Regular



Joined: Aug 2023
Posts: 129
From: Japan











Again, what PensionBee is doing here is brazenly illegal. They are circumventing AML/KYC laws, and incredibly flagrantly. They are not allowed to open accounts for non-UK residents. They therefore require non-UK residents to commit fraud by applying with an old address and stating that it is their current address, for which AML/KYC rules and their insurance provider will then go off of. This is incredibly illegal. They are literally asking customers to break the law so they can make money off them.
For the record, the government asked for the very same information I assume to use council tax history/voter registration. This was when I finally got my vote back.
Based on your comments, international bank accounts are also illegal? I have never set foot in my bank, I used the same notary service for that.
Last edited by Jakeinaka; Oct 30th 2025 at 9:13 am.
#35
Just Joined

Joined: Oct 2023
Posts: 28

Please read what I wrote. They onboard clients using an old UK address which is not theirs. That is not legal. Their PI etc does not allow them to onboard non-UK residents, but they seemingly can keep those who set up as UK Resident and then move abroad. So, instead of adhering to laws and regulations stating they can't accept new non-UK residents, they have non-UK residents use an address they no longer live at to sign up and then do a change of address, which is gaming their own system that forbids non-UK Residents from signing up. That also then circumvents foreign laws. It's a huge no-no, and a flagrant regulatory breach, and they would likely get in big trouble with the FCA if they ever picked up on it.
#36
Forum Regular



Joined: Jul 2004
Posts: 121











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.
As far as annuities go, I need a UK postcode to determine the rate. I don't have a UK postcode.
Basically they are covering themselves by telling you to get advise from a financial expert ( probably a legal requirement for any pension payments ), but you can opt out.
When filling in the online application for a drawdown payment you will select the option to continue because you do not require a financial advisor.
This is what happens when I do it using Interactive Investor SIPP.




