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US citizens in the UK · Institutions

Which Penfold accounts accept US citizens

Last checked

Penfold offers a pension to a US person, with strings.

If you already have an account with Penfold, a second one there is usually the easier application, because Penfold has already checked who you are. Each account below carries its verdict, the evidence behind it and the date it was last updated.

At a glance

Account type Verdict Accounts Updated
SIPPs Accepts with conditions 1

SIPPs

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Accepts with conditions
Updated

US persons: its US person test is worded by residence, with entry by specific permission

Genuinely ambiguous, and Penfold says so itself. You may open one only if you are resident for tax solely in the UK and, unless specifically permitted by the operator, are not a US person, which it then defines as a resident of the United States. A US citizen living here is not obviously caught by that wording and is not cleared by it either, and Penfold invites you to contact it for guidance, so do.

FSCS £85,000 investment cover · app based

Account Terms The catch
Penfold Pension
Annual fee
0.75% to 0.88% a year depending on plan, falling to 0.4% or 0.53% above £100,000
Dealing fee
None
Can hold
One of four ready-made plans run by BlackRock or HSBC. You cannot choose the underlying funds, and Penfold states this is not a self-invested pension, so there are no direct shares.
Individual shares
No
 Penfold no longer publishes fees on its charges page and confirms them before you open.

Source: Penfold pension terms, clause 4.2.5, 2026-08-17 Penfold's own page

Account names link to the provider's own site. No link on this page is paid. How Momo makes money. Every institution, A to Z.

Confirm your own position with a cross-border specialist. Acceptance policies and tax rules change, and your facts may differ from the general case. Rates and terms here are the provider's published figures rather than an offer, and the provider decides each application on its own criteria. Use this as a map, not a ruling. Last checked .
Tax

SIPP US tax

The US Treasury reads the treaty as leaving UK SIPP growth untaxed until drawn; the treaty's wording is narrower. Contributions, growth and drawdown explained.

 Tax

US-UK tax treaty

The US-UK treaty stops most double taxation, but the saving clause lets the US tax its citizens almost as if it were not there. What survives the clause.

 Tax

Form 3520

A UK pension held in trust can be a foreign trust to the IRS. Rev. Proc. 2020-17 exempts qualifying retirement trusts from Forms 3520 and 3520-A, on conditions.