WHAT ARE QNUPS?
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QNUPS (Qualifying Non-UK Pension Schemes) are a way of creating additional Pension benefits by contributing personal assets to an overseas pension scheme to create a fund to provide the required standard of living in retirement.
WHEN IS A QNUPS SUITABLE?
QNUPS are suitable for anyone who has insufficient Pension assets to provide the level of income desired in retirement. QNUPS are suitable for anyone who is UK domiciled and who may have personal assets over the inheritance tax threshold. As inheritance tax is levied on a worldwide basis to anyone who is UK domiciled, which is very hard to lose, then they may also be suitable for those members who have left the UK and are tax resident there.
WHAT IS THE DIFFERENCE BETWEEN QROPS AND QNUPS?
QNUPS were established in February 2010 by a statutory instrument which was required to correct an omission to allow QROPS to be exempt from Inheritance Tax. A ROPS is a type of QNUPS, one which can accept the transfer of UK pension rights. QNUPS are not recognised to accept transfers of existing pension schemes.
CAN I GET HELP WITH ADVICE?
Not all financial advisors will have the ability to advise on QNUPS as it is a specialist area which requires technical knowledge and the resources to investigate the options.
Therefore, it is important that financial advisers are aware of suitably qualified QNUPS advisers who they can introduce the client to in order for them to receive the advice they need.
