TonyWilby

I am looking to transfer an old pension fund into a UK SIPP from which I can take drawdowns over the next few years while resident in the US (been here 20+ years). I am dual UK/US citizen.

I started to open a SIPP at AJ Bell, but the account creation requires a UK Bank acccount for distributions. I can't open a UK bank account as I am not UK resident.
I found myexpatsipp.com who specialize in expat SIPP and can make distributions to a Non-UK bank account (according to their website).

myexpatsipp.com seems to have linited (only 5) investment options. I would prefer more options such as fixed Gilts/Bonds.

Does anybody have a SIPP with myexpatsipp.com and can offer recommendation (or not)? Any other SIPP provider options that will allow payment to Non-UK bank account?

MidAtlantic

I transferred to AJ Bell SIPP as a US resident, but with the benefit of having retained my UK bank account (although I am far from taking distributions). One solution may be the Transferwise Borderless Account. This provides a UK sort code and bank account #.
https://transferwise.com/us/borderless/

TonyWilby

Thanks MidAtlantic. I was able to setup a borderless account in the UK and was able to use this for my AJ Bell SIPP account setup. I think this might be the solution.

tbm

It sounds to me that you're real question is: which UK bank allows you to open an accounts as a non-resident. I would imagine some do.

Maybe Revolut would be an option.

MidAtlantic

Anyone using Revolut be aware:

https://www.bbc.com/news/technology-47751945

Wirksworth

I have had a revolut card / account now for 6 months plus and it has proven to be excellent. I can put £ on from my UK bank instantly and then convert and hold a variety of currencies - so far used Moroccan Dirham, Euro and US $. The exchange rate you get is a live rate and is the interbank rate so a good rate - You can track the rates and set alerts if you want to. When you use the card it works as a prepaid credit card with no transaction fee. I have also used it to get local currencies from an ATM. You get an instant text message when you use the card and as it is a phone App you can set it so it only works where your phone is for added security . I have also used it to transfer $30K to a USA account and that worked fine too. The report about compliance is an issue which they need to deal with but as a transaction system it works well for me.

Hotscot

'I am looking to transfer an old pension fund into a UK SIPP from which I can take drawdowns over the next few years while resident in the US'

Tony..what's the perceived benefit of doing this? Accessing your pension early?

PandaHirsute

Hi All,
What is the best UK SIPP for non-UK resident?
On google I found myexpatsipp and AJ Bell on this forum but I don't know how to choose. Any advice?
thanks

Cook_County

From a reporting perspective, you'll already be disclosing the existing UK pension plan on an 8938 every year, plus most likely possibly an FBAR. The proposed SIPP may be reportable as a foreign grantor trust. This is an old argument, search the forum for other discussions if you are unclear.

cranston

I use AJ Bell and they are very good.

Any questions please ask.

vespucci

Which I think will make you more unclear!

PandaHirsute

Thanks! I think I will go with AJ Bell as they look cheaper

Clarets

Can I transfer my final salary pensions to AJ Bell SIPP and manage it directly as a UK/US citizen? I have a UK bank account.
I understood that you have to use a 3rd party independent adviser to manage the SIPP. Is this incorrect?
What are the steps I need to take to make the transfers happen?
Thanks in advance for your help.

Glasgow Girl

IF, and it is a big IF, you can transfer into A J Bell then you can self manage the SIPP as a US resident. However if your final salary pension is valued at more than 30,000 GBP then you require proof of the legally required advice from an IFA authorized to provide that advice before they will accept the transfer. A J Bell are a no frills broker and provide no assistance in obtaining that advice. The requirement for advice only applies to each individual pension not the collective total. So as an example if you had three pensions valued at 25,000 GBP each for a total of 75,000 they would accept all of those without advice.

Getting the required advice as a US resident is extremely difficult, refer to the UK Final salary pension transfer thread.

TerryGoX

I have a defined contribution pension that has bounced around many pension companies in the UK as they each exited the market so I have never been confident in the money. Now, it looks ok and plan to move to ExpatSipp or AJBell but I have never filed FBAR paperwork (my oversight - nevr knew I had to prior to any distribution). Is there a Mia Culpe process with IRS - any one have experience?