What is QNUPS?
QNUPS stands for Qualifying Non-UK Pension Scheme. QNUPS has been around for a while now. It is a statutory piece of legislation, specifically brought in for those clients who are unable to contribute to UK pensions because they had hit the old lifetime allowance or they earn too much money. So, if your earnings are over £323,000 you are restricted to a maximum of £10,000 contribution to a UK pension, which is not very helpful if you are trying to save for your retirement.
QNUPS is a piece of UK legislation that allows you to put money into an offshore pension.
Although there is no tax relief, the tax-free growth of an offshore pension is quite similar to that of a UK pension, and the money invested there is often free from Capital Gains Tax and Inheritance Tax on the benefits upon death.
You may only draw a pension from QNUPS from the age of 55, rising to 57, and receive tax-free cash available at 25%.
QNUPS have some additional features; they have a much wider investment remit than UK pensions which could be advantageous for you. And they can do loans back to the member.
If you want to know more about QNUPS, you’ve already used up your UK allowances, or believe you don’t qualify, we encourage you to talk to us.
