International Pension Plans
- Until 2006, virtually every bank and investment house ran an international pension plan (IPP) for their UK resident non-domiciles, or foreign nationals.
- On leaving their employer, members of these company IPPs should review the options available to them, as, in most cases, it is preferable to transfer the accumulated value to a personal IPP in order to create greater flexibility and investment choice.
- On leaving the UK, it is very important that members of IPPs seek advice as to the tax treatment of these IPPs in their new country of residence. Again, in most cases, it is preferable to transfer to a personal IPP, as these can be adapted to meet the requirements of the member’s new country of residence.