Novia Global is to launch a new low cost, flexible retirement solution, the International SIPP. Fully integrated into the Novia Global platform the international SIPP will be charged at GBP45 (plus VAT) per quarter and will be set up with no establishment fee.
Aimed at the UK Ex- pat community and featuring the Origo transfer service (available for UK money purchase schemes) the international SIPP will be available from 24 June.
Dave Field, Head of Customer Service at Novia Global, says: “We are witnessing a drop off in demand for QROPs largely due to the Overseas Transfer Charge (OTC) tax charge introduced in 2017. The Novia Global International SIPP was launched to meet the requirement for a flexible, transparent, cost effective and tax efficient vehicle in the retirement space. In addition, the post pensions freedom legislation has seen the restrictions lifted on enforced annuity purchase as well as the removal of the so called pensions death tax. This, coupled with the demand in the offshore markets for increased transparency has led to a significant demand for an international SIPP.
“The fact that the SIPP is fully integrated into the Novia Global platform enables users to leverage the considerable experience the Novia team have in dealing with UK ceding scheme trustees thereby reducing pipeline wait times. Utilising Novia Financial as the SIPP provider with a proven track record in the UK retirement market, helps support the efficient process. This is an exciting launch for us and we are pleased to be able to bring the benefits of the SIPP pensions structure to the international retirement market.”
