Novia’s international Sipp will be available from June 24 and will be charged at £45 (plus VAT) per quarter, with no set up fees.
The international Sipp will be fully integrated into the Novia Global platform and clients can access the Origo platform to facilitate the transfer of their pension to the new Sipp.
Novia decided to create an international Sipp after it realised there was less of a demand for qualifying recognised overseas pension schemes (Qrops) due to the overseas transfer charge which was introduced in 2017.
The 25 per cent tax charge occurs on transfers to a Qrops and was introduced as a way to stop people from exploiting tax loopholes when transferring pension funds out of the UK to avoid UK tax.
The overseas transfer charge is effective for transfers requested on or after March 9, 2017 and the extended taxing provisions on payments out of Qrops are effective on and after April 6, 2017.
However, scheme members can claim back this charge if circumstances have changed and they are now exempt, for example, if the person transferring the funds becomes a tax resident in the country that the Qrops is based in.
Dave Field, head of customer service at Novia Global, said: "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."
In April, pensions provider Momentum Pensions launched a Sipp for US taxpayers with savings in UK registered schemes.
The Momentum US Sipp is aimed at individuals with a minimum of £250,000 invested in a UK pension arrangement and who are within the scope of the US tax regime.
This includes US citizens resident anywhere outside of the US, or anyone resident in the US whether a US citizen or not.
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