Since the implementation of new QROPS restrictions, iPensions has often been chosen by non-UK residents looking to consolidate their UK pension assets into an ‘International SIPP’. I say International SIPP in ‘inverted commas’ as any SIPP is a UK SIPP by default, but a limited number of SIPPs allow non-UK residents to apply, the iPensions SIPP being one of them.
Momentum pensions was rebranded as iPensions in 2020, and they have further expanded their pension wrappers and platforms since then, and now offer one of the most diverse UK pension propositions.
Many Financial Advisors typically considered the Momentum International SIPP as the favoured International SIPP provider for UK expats residing outside the UK, and the same continues with the rebranding to the iPensions Adviser SIPP, and their newer iPensions Platform SIPP.
To help you understand these terminologies better and get more detailed information, we’ve created a comprehensive YouTube video on this topic. This video will allow you to delve deeper into the topic of pension transfers, pension switches and both UK & International SIPPs. You’ll gain insights into how the iPensions SIPP operates and why it’s a favourite among UK expats and their advisers. This way, you can be better informed and prepared before we delve further into the article. Be sure to check out the video and equip yourself with this valuable knowledge.
Before we embark on our review, it’s important to be clear that we’re not receiving any compensation for this review. Our aim is to share our personal experience working with the company.
Our relationship with iPensions began because they provide great customer service and have more flexibility than other providers. They also are very technology focused, which is often not something that can be said for lots of pension providers who cater for Non-UK residents.
Since 2020, what was previously known as Momentum has been rebranded as iPensions, and its popularity among non-UK residents has only continued to grow, as competitors proposition have not kept up with the technological changes and customer service levels. The iPensions Adviser SIPP, and iPensions Platform SIPP, is a personal pension scheme accessible to individuals residing either within or outside the United Kingdom. This scheme enables you to potentially diversify your pension fund by investing in various asset types. Whilst the Adviser SIPP is open architecture, so requires an underlying platform to be used to invest, like Novia Global, the Platform SIPP has the investment platform built in.
iPensions Platform SIPP:
- Platform management and monitoring are available online 24 hours a day, seven days a week.
- Over 2,500 investments from several of the world’s biggest investment companies are available.
- A pricing system that is basic and transparent, with all fees fully explained upfront and honest.
- Residents of the United Kingdom and other countries are welcome to apply.
Establishing a SIPP with iPensions will allow you to contribute at any level you like, as long as you have UK Relevant earnings, and contributions are within the HMRC tax relief limits. Including, the new Employer and Employee annual contribution amount of £60,000 pa, since April 2023. There is no contractual requirement for a minimum contribution.
- Investment Trusts
- Exchange Traded Funds
- Structured products
- Cash & Deposit Accounts
From our perspective, the service has been excellent; the initial application and process with them are swift and efficient, as is the onboarding of clients; everything is done by electronic signature and no posted paperwork is required, which speeds up the process. Also, very importantly, all the funds/ETF’s that make up Cameron James portfolios are available.
iPensions SIPP Charges
Our feedback on iPensions SIPP, when it comes to charges and more importantly the transparency charges is overwhelmingly positive.
While the iPensions platform may not be the cheapest option on the market in comparison to major players that cater to UK Residents only, the pricing it offers is very competitive and great value for money given the quality of service you would be receiving, and in comparison to a lot of other competitors in the International space, their fee structure is below average.
|Platform||Set-Up Fee||Transfer in fee||Annual Fee||Transfer Out to Other Scheme|
|iPensions Platform SIPP||£0||£0||£200 + 0.35% Platform Fee||£500|
|iPensions Adviser SIPP (under ￡1M)||£300||£0||£500||£500|
|iPensions Adviser SIPP (£1m to £1.5m)||£300||£0||£1000||£500|
|iPensions Adviser SIPP (£1.5m to £2m)||£300||£0||£1500||£500|
|iPensions USA SIPP (under £1m)||£300||£0||£500||£500|
|iPensions USA SIPP (£1m to £1.5m)||£300||£0||£1000||£500|
|iPensions USA SIPP (£1.5m to £2m)||£300||£0||£1500||£500|
Cameron James – Expat Financial Planning – Your Trustworthy Pension Transfer Specialist
Cameron James serves as your trusted independent financial advisor, specialising in retirement and pension planning. With a decade’s worth of experience in the field of pension transfers, Cameron James proudly caters to clients across 30+ countries.
Possessing the required qualifications and technical expertise, we facilitate your retirement planning by evaluating whether a UK or International SIPP is the right move for you, regardless of whether you’re an expatriate or a UK resident. Our mission centres around delivering regulated and transparent financial advice. Subsequently, our clients are kept informed about advisory costs upfront, eliminating the presence of concealed charges.
We maintain a sophisticated cash flow management system, backed by a senior management team endowed with ten years of experience serving the UK & expatriate community. We remain dedicated to addressing the evolving needs of expatriates for decades to come.
The decision to transfer a Defined Benefit (DB) or Defined Contribution (DC) pension into an International SIPP is not one to be taken lightly. It needs a thorough understanding of numerous intricate details and processes. Lack of comprehension can lead to a loss, rather than a good move towards your overall financial objectives.
It’s crucial to obtain regulated, proficient advice from a qualified IFA to ensure that your profile aligns with the suitable options and that your selection adheres to both UK and US regulations. Consult with one of our dedicated advisors to gain an in-depth understanding of International SIPPs by clicking the button on the right-hand side.