Novia Global has launched an international self-invested personal pension (Sipp) to “meet the requirement for a flexible, transparent, cost effective and tax efficient vehicle in the retirement space”, said Dave Field, the firm’s head of customer service.
Among the benefits, he highlighted a streamlined application process, 24/7 adviser access to reports and valuations, low cost multi-currency, a simplified investment process via online platform trading, and a competitive annual cost.
Fully integrated into the Novia Global platform, the Sipp will be charged at £45 (plus VAT) per quarter with no establishment fee.
On an annual basis that equals £216 ($272, €242).
It is targeted at the UK expat community and features the Origo transfer service (which is available for UK money purchase schemes).
The International Sipp will be available from 24 June.
The Novia launch follows swiftly on the heels of rival Praemium, while rolled out a similar product at the end of May.
Death tax and transfer charges
In unveiling the Sipp, Field flagged the “drop off in the demand for Qrops, largely due to the overseas transfer charge (OTC) tax charge introduced in 2017”.
“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,” he added.
“This, coupled with the demand in the offshore markets for increased transparency, has led to a significant demand for an international Sipp.”
Field continued: “The fact that the Sipp is fully integrated into the Novia Global platform enables users to leverage the considerable experience the Novia Global team have in dealing with UK ceding scheme trustees thereby reducing pipeline wait times.”
