Article Summary

With many non-UK residents considering DB pension transfers, International SIPPs appear interesting as a way for them to consolidate their UK pensions into one pot. This is because international SIPPs offer management and portfolio flexibility.

The SIPP and International SIPP markets are expanding at an exponential rate, forcing International SIPP providers to compete fiercely. Therefore, competition for customers is driving down the cost of running a SIPP and attracting younger generations to financial planning in general.

Because the competition is fierce, we’d like to point out that there are several horses in the lead. This does not imply that the other horses perform poorly; rather, it is a competition to provide the best service in the marketplace.

We’d like to point out that this is a non-paid review. We just want to share our experience of working with the companies. You can watch one of our YouTube videos where our CEO and Independent Financial Advisor, Dominic James Murray, explaining about the International SIPPs providers review below before reading the whole discussion.

Best International SIPP Providers 2022 Review (Novia Global, iPensions, Fidelity, and London & Colonial)

Fidelity International SIPP

Fidelity International has a world-class reputation for offering International SIPP services to clients who want to build a brighter future. Founded in Boston in 1969, the company presently has £457 billion in client assets from over 2 million clients across the world. 

Fidelity International SIPP Facts: 

  • Fidelity International provides regulated investment options such as funds, shares, trusts, and ETS. These diverse investments are geared towards achieving your investment objectives.
  • Fidelity International provides affordable service costs, as well as a variety of discounts—if you’re lucky, you can get cash back on special deals.
  • Fidelity International’s omnichannel services are excellent. Fidelity International offers online guidance, educational videos, a planning calculator, and simple investment selection tools. The application also responds quickly.
  • Additional benefits that are often attractive includes a competitive service fee and your own relationship manager when you invest over £250,000 in Fidelity International.
  • The government matches any contributions you make. HMRC charges £20 for every £80 you invest – and more if you’re a higher or extra rate taxpayer. You can invest up to £40,000 with your 2022/23 tax year pension allowance, which is capped at your earnings if less.

The operational SIPP charges are transparent and fair. You can see everything related to  the charges in full on their website. However, as an overview, the charges are stated below;

  • 0.35 percent for pots ranging from £7,500 to £250,000.
  • 0.2 percent for amounts ranging from £250,000 to less than £1 million.
  • For pots of £1 million or more, there is a 0.2 percent service fee and no service cost.
  • The annual cost for all your personal accounts is £2,000 maximum.

The companies that manage the funds decide the ongoing fund costs, which begin at 0.05 percent.

London and Colonial International SIPP

London & Colonial has been a well-known pension provider for three decades, and it was among the first firms to offer SIPP services in 1995. Since then, the company has served thousands of clients throughout the United Kingdom and worldwide. London & Colonial was acquired in 2016 by STM Group Plc, a multi-jurisdictional financial services group with over 200 employees across five jurisdictions and a London Stock Exchange listing.

London and Colonial have a considerable reputation in the market for pioneering and innovative pension products. This reputation is further driven by exceptional service on both online and offline platforms.

London & Colonial SIPP, like any other SIPP and International SIPP provider, offers a wide selection of investment options and great flexibility. Individuals seeking greater control and flexibility with their pension saving provision, as well as those who may already have investments in a SIPP and are looking to transfer providers, could consider this product.

Novia Global International SIPP

At Cameron James, we are always on the lookout for low-cost International SIPP providers who meet the necessary standards of openness, trustworthiness, performance, and experience.

Novia Global is well-known for being one of the most affordable, if not the cheapest, International SIPP providers on the market in terms of fees and service charges.

We have been collaborating with Novia Global International SIPP since June, 2019. Essentially, Novia Global is excellent, and they do not receive any commission or exit penalties in any of the solutions that you are advised. Novia Global International SIPP provides its clients with the most affordable International SIPP on the market, with a £0 initial set-up charge and an annual SIPP Trustee Fee of £180, (including VAT).

Novia Global costs only £54 (including VAT) every quarter for SIPP service charges and has no establishment fee. This charge covers trustee services such as administration and reporting. The annual charge for this service ranges between 0.45% and 0.10% of the total value of your pension account.

This partnership with Novia Global lays the foundation for low-cost retirement planning. 

iPensions (Momentum International SIPP)

We began working with the iPensions SIPP because they accept insistent clients. Obviously, this is an uncommon occurrence; nonetheless, we occasionally come across cases when a client insists on a Final Salary pension transfer, but the IFA does not recommend the DB pension transfer as the best alternative. The client then insists on going against the recommendation and transferring their pension with their authorisation.

Since 2019, Momentum has been renamed as iPensions and has gained popularity among non-UK residents. The iPensions SIPP is a personal pension system that allows you to invest your pension fund in a variety of assets, whether you live in or outside of the United Kingdom.

Facts: 

  • Management and monitoring of the platform are available online 24 hours a day, seven days a week. 
  • There are almost 2,500 options available from some of the world’s largest investment companies. 
  • A simple and straightforward pricing system, with all fees, is clearly described upfront and transparently. 
  • Applicants from the United Kingdom and other nations are allowed to apply.

iPensions SIPP Charges

The SIPP allows you to contribute at any level as long as it is within the HMRC tax relief restrictions. A minimum contribution is not required by contract.

Investment Options

  • Funds
  • Investment Trusts
  • Exchange-Traded Funds
  • Structured Products
  • Cash & Deposit Accounts

Our experience with the iPensions SIPP, which was renamed from the momentum international SIPP, has been really positive. The iPensions platform is not the cheapest on the market, but it is incredibly competitive.

PlatformSet-Up FeeTransfer in feeAnnual FeeTransfer Out to Other Schemes
iPension (momentum) Adviser SIPP (under £1M)£300£0£500£500
iPensions (Momentum) Adviser SIPP (£1m to £1.5m)£300£0£1000£500
iPensions (Momentum) Adviser SIPP (£1.5m to £2m)£300£0£1500£500
iPensions (Momentum) USA SIPP (under £1m)£300£0£500£500
iPensions (Momentum) USA SIPP (£1m to £1.5m)£300£0£1000£500
iPensions (Momentum) USA SIPP (£1.5m to £2m)£300£0£1500£500
iPensions Fees & Charges

The service has been good from our standpoint; the initial application and processes with the iPensions are rapid, as is client onboarding; everything is done by electronic signature and no paper-based paperwork is necessary, which is clearly always a benefit.

Summary

In general, if a financial adviser recommends the Fidelity, London & Colonial, Novia International, or the iPensions SIPP platform, that’s pretty solid advice. You shouldn’t run a mile from that financial adviser, but you should delve into the portfolio that the IFA has recommended for you.

Not only should you check for commissions and fees, but you should also look at your ongoing expense ratio or total expense ratio. This is to calculate what the ongoing costs of that underlying portfolio will be.

At Cameron James, we always include all the underlying funds in any report we provide. We have plenty of files of our best-performing funds at Cameron James, but we review them on a monthly and quarterly basis to see how they are performing and whether they are underperforming or outperforming the benchmark.

Cameron James, Expat Financial Planning: Your Trustworthy Pension Transfer Specialist 

Cameron James – Expat Financial Planning is the preferred independent financial adviser for International SIPP transfers. With over 10 years’ experience in pension transfers, Cameron James is now servicing clients in 26 countries. 

We have the qualifications and technical knowledge required to help you transfer to an  International SIPP, both as an expat and a US resident. Our mission is to bring regulated and transparent advice to our clients. As such, our clients fully understand how much their advice will cost in advance, with no hidden fees.


Our Founder & CEO -
Dominic James Murray

I have been in the UK Pension Transfer industry for over 11 years, and have witnessed seismic changes in the UK Pension rules over the course of that decade. Most to the benefit of the UK Chancellor or to Chequer!

My 5 years as CEO of Cameron James, have certainly been the most rewarding. My goal, has been a simple one. Provide clients with transparent financial advice on a low-cost basis, for them to make informed decisions to protect their families best interests.


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We have worked hard for our reputation and we will be maintaining it.

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