QNUPS

QNUPS | QROPS | ROPS and the implications for UK Inheritance Tax (IHT) planning.

Qnups.co is  dedicated to provide impartial and independent assistance from leading specialist pensions advisers on the highly technical area of QNUPS Pensions.

WHAT ARE QNUPS

A QNUPS is a Qualifying Non UK Pension Scheme. It was introduced as part of The Inheritance Tax (Qualifying Non UK Pension Schemes) Regulations 2010

USES of QNUPS

Qnups are a valuable investment vehicle for the following situations:

• United Kingdom expatriates who have a QROPS Pension already

UK Pension Funds that have already been transferred into a QROPS can be transferred into a QNUPS. Essentially this is to give lesser investment restrictions and gives the possibility of investing into property.

• United Kingdom Expatriates who are looking to return to the UK.
• High earning UK residents that have used their full tax deductable pension contributions.

QNUPS can be used as part of an efficient tax planning mechanism to reduce taxation on pension contributions. High earners in the UK now pay 50% tax  Payment into a QNUPS is now an attractive option for high band tax payers.

QNUPS are a type of QROPS

A Qnups is a type of QROPS pension but with lesser restrictions. QNUPS do not need to be established in Jurisdictions with double taxation agreement with the UK. QNUPS do not need to report back to UK authorities.

Anyone with a UK pension scheme who has moved overseas, or is planning to leave the UK can transfer their existing UK pension into a QROPS (Qualifying Recognised Overseas Pensions Scheme) which is allowed under UK expat tax rules.  The financial benefits can be considerable if the transfer is planned correctly. Our free evaluation service conducted by authorised IFA’s will look at the pros and cons of transfering your UK pension. Please feel free to contact us without any obligation to discuss your particular circumstances.

“ Qualifying non UK pension scheme – Expats can now say goodbye to compulsory purchase of annuities and high taxes on their pensions by getting on board with what some financial experts are calling the next big thing in retirement savings – offshore pensions. „

• QNUPS do not require you to buy an annuity, your pension can be taken as a lump sum.
• Tax planning opportunities for income, capital gains tax and UK Inheritance tax.
• QNUPS do not need to be established in your country of residence. The Jurisdiction can be selected to give the maximum tax advantage.
• Diverse investment choices than including property
• the choice of base currency – £, € or USD.
• A wider investment choice than QROPS
• With careful planning you can improve the growth, flexibility and financial security of your pension.
• Generally QNUPS allow for much more freedom in the types of investments held. Some Products allow self investment and management.
• There may be considerable benefits for expatriates who transfer UK pensions to a QNUPS. However QNUPS transfer is not suitable for all situations.
• A QNUPS may be withdrawn as a lump sum there is no requirement to buy an annuity.
• Having your Pension fund transferred to your country of residence means payouts can be in your local currency. This reduces currency exchange risk.
• The UK currently has a maximum lifetime limit on pension contribution. With Qrops there is no upper limit.
• You have the freedom to control your own investments.
• You have greater flexibility to access the funds.
• You will have access to income and capital without UK tax deductions.
• Free from UK inheritance tax

There are significant benefits to being fully in control of your pension. If you are resident outside the UK you may be able to switch your pension to a QNUPS pension. QNUPS have many advantages over UK pensions, you can invest in a more diverse type of assets and with a proper structure in place can make significant tax savings. QNUPS also have major advantages concerning inheritance tax planning.

QNUPS Advice

Offshore pensions are a complex area, always seek out the best advice possible, don’t be afraid to get a second opinion. It is often better to pay for advice than get it free. If you break the five year rule could be an expensive mistake.
An offshore pension is a complex financial product – especially linked in with foreign currency fluctuation and inheritance tax rules.
Always consider taking best advice from a specialist QNUPS advisor, and if you have a significant pension fund, this should tie in with relevant tax consultancy and estate planning.
Failing to do so could end up as an expensive mistake that could ruin your carefully laid retirement funds.

Simply complete the contact form below, all your details are strictly confidential. An advisor will then contact you to discuss your situation.

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