For UK expatriates and internationally mobile professionals, pensions often become complicated once you leave the UK. A common issue arises with the Fidelity SIPP (Self-Invested Personal Pension), which imposes strict restrictions if you move abroad.
For US citizens and US tax residents, the situation is even more severe: Fidelity will not allow you to open or maintain a SIPP at all.
This blog explains Fidelity’s rules, why they exist, and the practical alternatives available if you are affected.
Can I Keep My Fidelity SIPP if I Move Abroad?
Fidelity SIPPs are designed primarily for UK residents (and those in Crown service overseas). Once you leave the UK, Fidelity applies restrictions in line with their published terms:
❌ No new contributions allowed
❌ No new investments (your SIPP becomes “sell and withdraw’ only)
❌ Withdrawals only permitted to UK bank accounts
❌ US shares will be sold down
⚠️ Some platform features and tools may no longer be accessible
Fidelity will continue to provide account visibility and record-keeping, but your SIPP effectively shifts from an active investment account to a restricted pension pot.
Why US Citizens Cannot Hold a Fidelity SIPP
In addition to residency restrictions, Fidelity expressly excludes US persons from holding SIPPs or investment accounts. Under Fidelity’s terms, a “US person” includes:
- US citizens (even if living abroad)
- US passport holders
- Anyone tax resident in the US
- Anyone liable for US worldwide taxation
- US-registered companies
If you fall into one of these categories, Fidelity will typically refuse, close, or heavily restrict your account. This makes Fidelity unsuitable for managing UK pensions if you have any US tax connection.
What This Means for You
For Expats (Non-US Persons)
If you relocate overseas and are not a US person:
- You cannot contribute further to your Fidelity SIPP
- You may only sell investments, withdraw funds, or transfer out
- Withdrawals can only be paid into a UK bank account
- Transfer options: another UK SIPP or a QROPS (if tax-efficient for your residency)
For US Persons
If you are a US citizen or US tax resident:
- You are generally disqualified from opening or maintaining a Fidelity SIPP
- Even existing SIPPs are at risk of closure or restrictions
- Most US-linked clients must restructure their UK pensions into more suitable arrangements
Alternatives to a Fidelity SIPP
If you are impacted by Fidelity’s restrictions, two primary alternatives exist depending on your circumstances.
1. International SIPPs (Expat-Friendly)
- Accept non-UK residents and, in some cases, US persons
- Allow contributions and full investment choice
- Multi-currency flexibility (GBP, EUR, USD)
- Withdrawals to overseas bank accounts
- Requires advice from a regulated adviser
2. QROPS (Qualifying Recognised Overseas Pension Schemes)
- Suitable if you live in the same jurisdiction as the QROPS (e.g. Malta, Gibraltar)
- Aligns pension taxation with your country of residence
- More common for Australia and Canada than Europe with recent UK rules changes
- Often less cost-efficient than an International SIPP
Fidelity vs Expat-Friendly SIPP vs International SIPP
| Feature | Fidelity SIPP (UK Resident) | Fidelity SIPP (Abroad) | International SIPP |
| Contributions Allowed | ✅ Yes | ❌ No | ✅ Yes |
| New Investments | ✅ Yes | ❌ No | ✅ Yes |
| Withdrawals Overseas | ❌ UK only | ❌ UK only | ✅ Yes |
| US Citizens Allowed | ❌ No | ❌ No | ✅ Yes |
| QROPS Transfer Option | ✅ Possible | ✅ Possible | ✅ Possible |
How Cameron James Can Help
At Cameron James, we specialize in helping expats and US-connected clients restructure their UK pensions when mainstream providers like Fidelity cannot.
Our expertise includes:
✔️ Advising on Fidelity SIPP transfers into compliant alternatives
✔️ Assessing QROPS vs International SIPP suitability and tax efficiency
✔️ Building low-cost portfolios with Vanguard and BlackRock ETFs
✔️ Delivering transparent, fee-only advice (no hidden commissions)
✔️ Providing “full-fat” financial planning, including cash-flow modelling and estate planning
With clients across 35+ countries and significant experience with US expats and cross-border pension planning, we are one of the most experienced advisory firms in this space.
Heading: Related Blogs (non-UK residents & overseas SIPPs)
If you’re running into overseas SIPP restrictions, these blogs may also help:
Book Your Consultation
If you currently hold a Fidelity SIPP and have moved abroad, or you are a US citizen facing account restrictions, it’s important to review your options early.
Book a free consultation with a Cameron James adviser today to discuss your best route forward and ensure your pension remains compliant, cost-efficient, and aligned with your long-term goals.
FAQs
Can I keep my Fidelity SIPP if I move abroad?
Yes, if not to the US, but it will be frozen for contributions and withdrawals will only go to a UK bank account.
Can a US citizen hold a Fidelity SIPP?
No. Fidelity prohibits US citizens and US tax residents from holding SIPPs.
Why does Fidelity exclude US persons?
Due to complex US tax and SEC regulatory rules and potential risks, Fidelity excludes all US persons, regardless of where they live.
What happens if Fidelity closes my SIPP?
You can transfer to an International SIPP or QROPS, depending on your residency and tax position.
Which is better: QROPS or International SIPP?
It depends on where you live. QROPS can suit residents in jurisdictions like Malta or Australia, but for most expats, an International SIPP is more cost-efficient.