A new self-invested personal pension (Sipp) scheme aimed at UK expatriates living in Europe has been launched.
Independent pension specialist London & Colonial’s EU Sipp is designed for clients who have lived abroad for more than five years.
Accepting both UK and non-UK pension funds, the product also offers the ability to pass on 100 per cent of its value to the holder’s beneficiaries after death.
The firm suggests clients, who could include expat health insurance customers, can hang on to their non-residential status and keep these benefits even when they return home.
The scheme allows for a tax-free lump sum of 25 per cent of the fund value to be taken from the age of 55, with the remainder providing income that can be paid monthly, quarterly or annually.
Product development manager Adam Wrench said the EU Sipp will offer more flexibility for retirement and better provision for dependents than other Qualifying Recognised Overseas Pension Schemes offerings.
London & Colonial is authorised by the Financial Services Commission in Gibraltar, which the insurance firm says operates to the same standards as the UK authorities and in accordance with European Union directives.
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