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QNUPS, Qualifying Non Regulated Pension Schemes, were introduced in 2010 as part of some amendments to Inheritance Tax regulations. Whilst a QROPS can satisfy the needs of a an expatriate looking to transfer their existing UK pension benefits to an overseas arrangement, a QNUPS pension has some very powerful and flexible tax planning benefits that might suit expatriates or those planning to move overseas and who have investable wealth outside of an existing  pension scheme. Fiduciary Wealth has launched the Alpha Star QNUPS a Guernsey based pension, approved by HMRC to satisfy the needs of investors looking for an approved pension scheme with flexible benefits.

The key benefits of a QNUPS retirement plan can be summarised as follows:

  • No maximum contribution (not subject to lifetime allowance).
  • No maximum age for investment.
  • No requirement to have earnings from employment.
  • Broadest range of investable assets.
  • Pension income paid gross without the deduction of income tax.
  • Ability to take 30% tax free lump sum prior to taking up residence in a new jurisdiction.
  • Flexible drawdown.
  • Exempt from UK IHT and local succession taxes with no reporting to HMRC.
  • Can return to UK and assets would still remain outside UK IHT net.
  • Currently outside of EU Savings Directive and likely to remain so.
  • Assets can be held and drawn in a currency other than sterling.

Unlike UK pensions where there are restrictions in terms of maximum contribution and a link to earned income QNUPS has no such restrictions. In addition, subject to the Trustees approval, all types of investable wealth, from cash and investments through to property, antiques and fine art can be considered for inclusion within a scheme. As with QROPS benefits are paid gross and the Trustees are able to issue five year temporary annuities which can have advantageous tax benefits when it comes to drawing income depending on your country of residence. In Spain, for example, temporary annuities are taxed extremely favourably with only a small percentage of the payment being subject to income tax.

There is no need to take any income until you reach age 75 and income payments can be varied every five years using GAD rates so as to suit individual circumstances.

One of the key benefits of this type of pension scheme is that there are no reporting requirements to HMRC and on death the there will be no liability to UK inheritance tax regardless of your domicile status. Our understanding is that this exemption from UK inheritance tax will apply even if a QNUPS investor returned to the UK although this has yet to be tested in the Courts.

In the right circumstances QNUPS offers a highly flexible and tax efficient wealth planning structure. The ability to hold significant assets in a bona fide pension scheme, draw income that is taxed particularly favourably and then pass the residue of your fund to your beneficiaries without a liability to UK inheritance tax is a compelling one, but of course in return for this you are giving up control over your assets and therefore entering into a QNUPS arrangement needs careful consideration and forms part of your overall financial plan.

Sound investment decisions that match your risk profile need to be made and your pension planning needs to be considered in conjunction with your overall financial goals. This is why you should speak to Fiduciary Wealth, our holistic approach to financial planning will ensure that your retirement planning needs will form part of your strategy to enable you to enjoy a prosperous retirement.


To speak directly to a pensions adviser or for further information Tel: 951 319 727 or email wealth@fiduciarywealth.eu



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