Qualifying Non-UK Pension Schemes (QNUPS) were introduced by the UK Government in 2008 as a means to clarify a certain level of uncertainty that had previously surrounded the Inheritance Tax situation with regard to certain overseas pension schemes.

A QNUPS is a multi -member scheme governed by master trust deed. A sub-fund is established for each individual, is separated from other members’ assets and held for the benefit of the designated member only.

A QNUPS is available to both resident and non residents of Guernsey and benefits:

* UK inheritance tax mitigation and planning opportunities for UK domiciled and UK non-domiciled on assets held within the scheme;

* No limit on contributions or fund size;

* Member can borrow up to 30% of the fund value;

* Investment flexibility;

* No requirement to purchase an annuity on retirement;

* Efficient estate planning on the death of the member – with no requirement for the purchase of an annuity, assets can be passed to beneficiaries as part of the member’s estate.

Download our QNUPS product note HERE