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What is QNUPS?

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QNUPS is an overseas pension scheme in which cash and assets that are non-UK tax releaved can be contributed. QNUPS regulations were introduced by UK HM Revenue & Customs (HMRC) on 15 February 2010. The creation of QNUPS legislation has provided significant opportunities for British Domiciles irrespective of whether they are resident in the UK or are expatriates.

Many individuals have insufficient capital within existing pension scheme to provide them with the level of income they will require in retirement. For such individual, a QNUPS offers an excellent vehicle to top up the overall amount of assets that need to be set aside for a comfortable retirement. An Actuary, based upon your assets and lifestyle, will be able to establish the level of retirement benefits required to sustain your standard of living in retirement. Based on this information, a sensible funding level of contributions to the QNUPS can be agreed.

QNUPS can offer some great benefits, especially the extraction of wealth in a tax efficient manner which is usually the most difficult issue to solve.

The key points of a Qualifying Non-UK Pension Scheme:

  • It may be possible to contribute to a QNUPS after you have retired, depending on your circumstances.

  • The pension fund can be used by the member during his lifetime and any remaining balance can be passed on to the chosen heirs upon the member’s death.

  • You do not need to have any earned income from employment in order to make a contribution.

  • There is no maximum contribution that can be made into a QNUPS (but must be sensible to one's standard of living and may need the approval of an independent actuary).

If you wish to find out more about the benefits of investing within a QNUPS please contact us.
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