Investment platform Praemium has introduced what it describes as a “low-cost” retirement account for Brits living and working overseas.
The Praemium Expatriate Retirement Account (Pera) is a UK-registered self-invested personal pension (Sipp).
The cost is £195 ($248, €222) per annum.
The Pera will be offered by Praemium Retirement Services, which is regulated by the UK’s Financial Conduct Authority (FCA).
More to come
General manager Mark Sanderson explained: “A number of our advisory clients worldwide have asked for a simple, low-cost retirement account for their clients who are UK expats, the vast majority of whom will return home at some point in retirement.
“The Sipp structure, which affords the same FCA protections as if the investor were a UK resident, makes a lot of sense for these clients.”
The Pera is the first of several retirement and savings “innovations” that Praemium intends to roll out this year, the firm said.
Sanderson continued: “While there have been some real improvements over the last few years, the UK expatriate section of the market has been traditionally underserved, with unnecessarily high-cost and low-tech product offerings.
“We are continuing to work with advisers, international pension providers and trustees to develop more innovative ways to deliver good retirement outcomes for these and other investors across the globe.”
