Qualifying Non-UK Pension Schemes were born as a result of new legislation introduced by HMRC on 15th February 2010. They offer a more flexible pension arrangement than QROPS in terms of contributions, investment & reporting requirements. For those looking for a complete pension solution, assets held outside of a pension scheme can be transferred to a QNUPS with the same beneficial tax treatment for income drawdown plus the significant additional advantage of being able to immediately shelter these pension assets from both UK inheritance tax and local succession taxes.
Legal opinion suggests that even if the QNUPS investor were to return to the UK the assets held under the pension scheme would remain outside of the UK inheritance tax net but of course this has yet to be tested in the courts. Any non pension assets such as commercial and residential real estate, antiques and fine art as well of course as cash and investments can be included in a QNUPS pension investment. As a bona fide pension scheme assets held within a QNUPS remain outside of the scope of the increasingly intrusive EU Savings Directive which is likely to be amended in the near future with a revised remit that will allow it to look through structures such as trusts, foundations and companies with the aim of taxing the ultimate beneficiary.
- No reporting requirements to HMRC.
- Greater investment flexibility.
- Not subject to lifetime allowance rules therefore no maximum contributions.
- Exempt of UK inheritance tax and local succession taxes immediately.
- Can still return to UK and assets would still remain outside UK IHT net.
- Currently outside of EU Savings Directive and likely to remain so.
- Plus all the other benefits which apply to QROPS.
To speak directly to a pension adviser or for further information Tel: +350 200 50982 or email firstname.lastname@example.org.