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 firstname.lastname@example.org or by telephone on +350 200 77779.