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Pension Planning QNUPS

QNUPS against QROPS

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QNUPS vs QROPS

Qualifying Non UK Pension Scheme (QNUPS) are actually a natural progression on from QROPS for those who wish to increase their investment options, but they benefit wealthy individuals irrespective of where they live. A QNUPS can invest in practically anything, even a residential property at the moment. Therefore your pension fund can suddenly change from being a staid old UK based pension into a life changing asset that can be utilised in multiple ways.

AVOID HUGE COMMISSIONS: We will conduct business at minimal cost to you:

If you do not require advice, or if you have received advice and want to save money then we are able to conduct your business at minimal cost to you and your pension with no commissions charged.

Key benefits of QNUPS

One of the key benefits is the ability to purchase residential or commercial property. This allows your pension fund to purchase a property for you to either live in or let out.

Another benefit is for high earners who are unable to make fully tax relieved pension contributions in the UK due to recent legislative changes. QNUPS, we believe, will become a very attractive option for wealthier clients, as you can save large sums of money for your retirement without the constraints of UK pension legislation.

What is a QNUPS?

QNUPS stands for Qualifying Non UK Pension Scheme and it was designed for pension and income being taken outside the UK. However, it also applies to UK residents as QNUPS are an efficient means of avoiding inheritance tax (IHT) legally.

The definition “Qualifying” means that the overseas pension scheme must meet HMRC’s specific criteria for pension schemes and this will not attract IHT. The schemes must be based overseas, and critically need not be in countries that have signed Double Taxation Agreements with the United Kingdom.

What is a ROPS?

Recognised Overseas Pension Scheme are essentially the same as a QNUPS, they also apply to UK residents as they are an efficient means of avoiding inheritance tax (IHT) legally, and can be used in other ways by expats in the UK, who wish to one day leave the UK and take their pension earnings with them to their home country without the tax burdens of the UK schemes. However, there are no tax breaks on putting money into ROPS.

Expert Advice

Our Pensions advisers are the leaders in QNUPS advice, giving you the very best advice and information wherever you are in the world.

Our team of QNUPS advisers can find you the most suitable, cost effective and efficient QNUPS solution available. QNUPS Pensions team of advisers completes all the work from start to finish & removes the hassle and paper work. With our commitment to our clients, we ensure we give the very best independent advice.

Qualifying criteria for a QNUPS:

  • I have UK assets worth at least £650k UK Pensions for Expats
  • I have separate pension plans in place UK Pensions for Expats
  • I am a high net worth individual who requires planning UK Pensions for Expats
  • I need assistance with IHT for my family UK Pensions for Expats
  • I have not fully funded my UK pension and live in the UK UK Pensions for Expats
  • I want to invest in property or company shares UK Pensions for Expats
  • My company/occupational pension is already in drawdown? UK Pensions for Expats
  • I am still a UK resident and have no intention of moving overseas? UK Pensions for Expats

Independent QNUPS Advice

We are completely independent meaning we are not linked to any one QNUPS scheme, therefore we can advise on all QNUPS providers around the world. Our recommendation is based upon our extensive experience with QNUPS, knowledge of all QNUPS providers and QNUPS schemes, on-going research of new QNUPS solutions & identifying our client’s needs. We provide you with complete independent unbiased advice.

Widely available

QNUPS do not have to be situated in countries that have signed a DTA (Double Taxation Agreement) with the United Kingdom.

No maximum limit for contributions or age

As QNUPS do not benefit from tax breaks on the "way in", it means there is no maximum lifetime contributions limit. This can be a huge benefit for IHT planning.

With QNUPS, you can contribute to your scheme as long as you want to at any age. Normal pension schemes only offer tax relief and exemptions for money earned in employment. QNUPS permit contributions from assets you have acquired in any way and again there are no limits, although once the money is invested in the QNUPS fund then it follows UK pension rules for access and taxation.

Non-resident and resident members

Depending on the rules of the individual scheme, QNUPS may be available to UK non-resident members. But the IHT exempt status may not be lost if you decide to return to the United Kingdom within 5 years (compared to a QROPS).

Growth is free from taxes including CGT

The assets in QNUPS can grow free from CGT, which means that your family can eventually benefit from the capital growth of your QNUPS assets in full when they inherit them. However, please note that any assets moved into the QNUPS will have to be sold and bought leading to tax liability in your resident country at that point on both potential CGT, income and corporation tax depending on the asset.

Case study

  • A wealthy client wished to purchase a property overseas using his pension fund at the age of 46. His UK pension would not allow this.
  • Additionally he wanted protection against Inheritance Tax to remain in place for his pension. We were able to recommend a QNUPS.
  • Our charge represented only 1% of the fund transfer on almost a million pounds and we did NOT recommend an investment bond for his investment element preferring to concentrate on a flexible overseas WRAP concept which gave instant access.
  • The all in cost, including annual fund charges of 0.8%, came to less than 1.5%.

How we can help you

  • Would you prefer UK qualified experts to provide competent advice, rather than an offshore salesman seeking commission?
  • Are you no longer resident in the UK or considering moving abroad?
  • Do you have more than £50k in your UK pensions?
  • Would you like to pay less tax and have greater investment freedom?
  • If you answered YES to these questions Pensions4Expats could greatly improve your financial and tax situation.

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