As the international professional is now taking up more diverse roles over their career, there has never been a greater need for a private pension which individuals can take with them and adapt to meet their ever changing circumstances. A SIPP is a straightforward UK based pension.
A Self-Invested Personal-Pension (SIPP) is a straightforward UK based pension which, with the help of your financial adviser allows you to take greater control of your pension fund. Through increased investment choice and greater flexibility over income options at retirement, you can tailor a retirement plan to suit your individual needs.
A SIPP works in the same way as other private pensions which you may be familiar with, however there tends to be greater flexibility in terms of investment choice and retirement options. The pension freedoms which were introduced by the UK Government in April 2015 have increased the demand for private pensions, and this is changing the way in which people plan their retirement, and access their pension fund.
A SIPP gives you access to the widest investment range, and flexibility in terms of how you access your benefits at retirement. Suitable for UK residents, and those who are living overseas, in which double taxation agreements may be in place which can be beneficial to you when you come to draw an income.
You may have accumulated a number of different pensions over the years as your career has taken you to new jobs, and keeping on top of them all can be confusing. Combining them into one pot means less paperwork and can potentially reduce the amount you lose to management fees.
Later in life you may have some properties which you intend to sell to provide a lump sum, or you may choose to continue working past your retirement age. In either case, you probably will need to draw less income from your pension pot, and would benefit from leaving more of your wealth invested for the time when you need it most. Naturally as your remaining money stays invested, it has the opportunity to grow.
Having the ability to constantly manage your investment throughout your working life can often mean you are able to improve your tax efficiency, as a result your pension pot can be stretched that little bit further.
In retirement; your pension is likely to be your largest asset, therefore seeking financial advice in relation to your needs and circumstances is vital to ensure your investment works as hard for you as you did to earn it in the first place. Skybound are perfectly placed to guide you through the myriad of options available to you to ensure you make the most of your international status, both now and later in life.
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.