What is a Qualified Non-UK Pension Scheme (QNUPS)?

by | Dec 7, 2022 | Gibraltar, Offshore Companies, Pension Planning, Uncategorized

A QNUPS is a Qualified Non-UK Pension Scheme which can receive unlimited contributions subject to an actuarial calculation (there is no lifetime allowance restriction). The pension can be funded from cash or assets/investments transferred in specie.

A QNUPS is more flexible as there is no tax relief on contributions therefore the investment options are more attractive.

Who could benefit from a QNUPS?

  • Both domiciled individuals and non-domiciled individuals holding UK situs assets
  • Individuals wishing to contribute more than their personal annual allowance of £40,000 will allow into their UK pension (2022/23 annual allowance rate)
  • Individuals who have reached their lifetime allowance already (£1,073,100 for 2022/23)

Benefits of a QNUPS

  • A cash free lump sum of 30% is possible from the age of 55
  • Loans can be made to a member
  • Being an overseas pension, the funds would not trigger UK inheritance tax upon death
  • There would be no capital gains tax on growth of investments (subject to where/how the investments are held).

What can the pension invest in?

The pension can invest in a wide range of assets providing they are income generating or will grow in capital. Examples include:

  • Residential & commercial property (including buy to let properties)
  • Bonds, shares (public and private), gilts
  • Art, antiques, fine wine, classic cars

For more information, contact or by telephone on +350 200 77779.