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Qualifying Non-UK Pension Schemes - QNUPS

QNUPS (Qualifying Non-UK Pension Schemes) were introduced in 2010 as part of some amendments to UK Inheritance Tax regulations. Whilst a QROPS can satisfy your need to transfer your existing UK pension benefits to an overseas arrangement, a QNUPS pension provides some very powerful and flexible tax planning benefits for you if you have investable wealth outside of an existing pension arrangement.

If you are looking to make additional retirement planning provisions it’s possible to immediately shelter these pension assets from both UK inheritance tax and local succession taxes.

Furthermore, if you were to return to the UK the pension assets held under a QNUPS pension arrangement (subject to certain conditions being met) would remain outside of your UK inheritance tax net. The UK Government has considered removing the tax benefits in previous budgets for new scheme entrants but hasn’t done so yet.

The key benefits of a QNUPS as a UK Pension for Expats like you can be summarised as follows:

  • Your offshore pension would be exempt of UK Inheritance Tax and local Succession Taxes immediately.
  • You would be able to return to the UK and your pension assets would still remain outside your UK IHT net.
  • Your pension arrangement would not be subject to lifetime allowance rules.
  • You would have access to the broadest range of investable assets.
  • Many of the additional benefits that a QROPS arrangement offers you.
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Talk to Us

Speak directly to a QNUPS specialists about your expat retirement planning needs. Whilst a QNUPS arrangement provides a very tax efficient vehicle for wealth planning, much depends on your personal circumstances, therefore you should seek professional advice, before considering this option.

For further information please contact us on Tel: +44 207 998 0570 or email enquiries@fwm.gi