QNUPS

QNUPS are often suitable for high net worth individuals, as in most cases, there is no maximum limit to the amount that can be deposited at any one time providing contributions are in keeping with accepted retirement planning practice; they should not be excessive relative to the individual’s wealth and earnings. They are suitable for any UK or non-UK resident who wishes to hold a recognised international pension scheme. You can start to make contributions at any age, and the resultant fund is free from IHT.

QNUPS suit those who permanently live outside of the UK and those who travel frequently from country to country.

One of the main attractions of QNUPS is the ability to grow and provide for loved ones with a comfortable living, as it is possible to transfer assets, including capital gains, from a QNUP to beneficiaries upon death, with little or none of the associated inheritance tax which often hinders families of large estates.  Assets, which can be invested in the arts and antiques, can be started in any currency, proving advantageous for travellers. Income can be received after members reach the age of 55, but a QNUP can be taken out much later in life, and is therefore beneficial for individuals who have made a commitment to a retirement lifestyle after finishing their chosen career, and have income from multiple sources. QNUPS are also relatively low cost to set up, with nominal one-off fees.

Due to the obvious allure of inheritance tax mitigation, QNUPS can often be misunderstood and must be treated with caution. Always seek instruction from a qualified financial advisor before investing with a regulated QNUPS provider. It is worth looking into the finer details of the scheme when it comes to splitting assets upon divorce, and it is key to note that QNUPS do not absolve the holder of tax on the investments made within the scheme itself.

The beauty of QNUPS is that there is no conditional minimum value, although check with the provider in question before assuming anything, as some policies may specify a certain amount. Depending on where in the world the QNUP scheme is based, it must pass the pensions benefit test, which stipulates that the chosen plan must return a minimum 70 per cent of the value of the fund as an income for life.

The first step towards obtaining a QNUPS, is to assess qualities of a number of potential providers via thorough research of the global market. This is where it is beneficial to enlist the services of our team of team independent financial advisors, as QNUPS litigation can be complex. With foreign policy in flux, it is prudent to make sure the product you choose is right for you. It generally takes around 1-2 weeks to set up a QNUPS plan, and unlike other overseas pension schemes, you are thereafter able to fortify funds for as long as you desire.