Qualifying Non-UK Pension Scheme (QNUPS) is an overseas pension scheme in which cash assets that are not eligible for UK tax relief can be contributed. QNUPS regulations were established by the HMRC in 2010.
The QNUPS Structure offers clients:
- No UK inheritance tax (IHT) exposure
- No lifetime allowance (currently £1m)
- No maximum contribution can be made into a QNUPS
- Estate Planning: 100% of the balance can be passed to beneficiaries upon member’s death
- Ability to contribute without income being from employment