SIPPS vs QROPS

The introduction of SIPPs (Self-Invested Personal Pensions) really opened up options for retirement saving in the UK. If you live in the UK and are looking for flexibility and control over your pension then a SIPP really is the way to go for you.

If however you are leaving the UK, or you have already left the UK and you will be a non-UK resident for 5+ years, then the benefits of a QROPS transfer generally outweigh SIPP benefits.

• Greater flexibility
• Funds Paid Gross. (i.e. the full benefits are paid, without holding back tax, which is beneficial if you now live in a pension tax friendly jursidiction!)
• 30% Tax Free Lumpsum
• No Need to Purchase Annuity
• 0% tax on death
• Not subject to any lifetime allowance