UK Sipp, non UK resident

[yopyop]

Hi
Has anyone ever know how to start withdrawing a UK SIPP if u have no sterling UK bank account. I think pension rules man you can only draw to a bank account in your name (no problem) but as I understand it must be a sterling account (which I don't have). Any ideas? thanks

[mc2fool]

Hi
Has anyone ever know how to start withdrawing a UK SIPP if u have no sterling UK bank account. I think pension rules man you can only draw to a bank account in your name (no problem) but as I understand it must be a sterling account (which I don't have). Any ideas? thanks

Dunno about such rules, but surely the best thing to do is to ask your SIPP provider if they can do withdrawals to any IBAN/SWIFT a/c.

[yopyop]

I've asked, the problem is the account must be a sterling account. I could open a UK account with a bank if they accepted me, but ex-pat accounts tend too need a massive deposit such as a 100K to open

[mc2fool]

I've asked, the problem is the account must be a sterling account. I could open a UK account with a bank if they accepted me, but ex-pat accounts tend too need a massive deposit such as a 100K to open

A sterling account or a UK bank a/c? You can have IBAN/SWIFT accessible accounts that accept sterling (or many other currencies). You could try asking your bank wherever you are how to accept sterling transfers in.

If it's a UK bank you could try looking at the new online UK banks such as Revolut, Monese and Monzo, who I've heard accept non-residents. No personal experience, not a recommendation!

[yopyop]

It can just be a sterling account. By the way Monzo do not accdpt non-uk residents, it's just that they say they don't check. So u would have to lie to open with monzo

[Adamski]

I've asked, the problem is the account must be a sterling account. I could open a UK account with a bank if they accepted me, but ex-pat accounts tend too need a massive deposit such as a 100K to open

Can open with min deposit of 100k or annual income of 100k. Just mention in case you have high income, wouldn't need to deposit 100k at once, but over 12 mths

[yopyop]

I don't have 100K kicking around in my savings LOL! I just found a bank called Standard Bank offshore account (South African) with a much lower deposit requirement - anyonh eard of them? I'll try the expat possting area too

[yopyop]

Seems standard are the largest South African bank with an offshore branch in Jersey, so problem solved I think

Thanks