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