SIPP and moving abroad

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I’m thinking of opening a FT SIPP account because of the tax relief and self-invested nature of the account. I’m just not sure if it’s beneficial long-term if I move abroad. I don’t mind paying tax, but I do mind if it results in being more than the tax relief :slight_smile:

  1. Would Freetrade need to close the account if I ever decide to permanently move to an EU country? (this event seems to trigger a 55% tax bill as I’m forced to take the money out before the minimum pension age). This would rule out a SIPP for me.

  2. If FT allows the SIPP to remain open until I can withdraw, would I just be paying the income tax of the EU country I’m tax-resident in? (based on the double taxation tax treaty)

  3. From what I read online, it’s advised to move the UK SIPP to a QROPS Qualifying Recognised Overseas Pensions Scheme to avoid additional taxes. Does anyone know what these are as I would expect any UK taxes to be reclaimable because of the tax treaty?
    I assume the QROPS will likely not be a self-invested scheme like the SIPP which is one of the benefits for me.

(I’m not too bothered about GBP/EUR fluctuations as my investments would dictate the currency risk, not the account currency.)

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That’s not the case, as that would rule out all pensions for anyone moving abroad. Freetrade may or may not support account of people abroad, but you have the option of transferring your pension to another provider or as you mentioned via QROPS. You’ll usually require a UK bank account to receive pension payments when you go into drawdown.

Obviously you can’t contribute to a pension abroad and receive the same tax benefits. And you will be liable to the tax requirements in the country you live in.

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