QNUPS

A Qualifying Non-UK Pension Scheme (QNUPS) is designed specifically to enable you to achieve your retirement goals and meet any additional later life financial commitments as they arise. In addition, it enables you to pass on any surplus funds to your beneficiaries in the most tax efficient manner.

Effective Savings and Succession Planning
Because the QNUPS meets all the conditions required by HMRC to be a QNUPS, bona fide retirement benefits in the Scheme are exempt from UK Inheritance Tax (“IHT”). This means there are no transfer, 10-year or exit charges. As a result you have the comfort of knowing you can pass on the entirety of your remaining pension savings when you die. Non-UK investments roll up gross in the Scheme. UK assets may be taxed on their income and gains within the Scheme depending on how they are held.

Contributions of assets can be made in cash or in specie and benefits can be taken from the age of 55. Additional benefits include:

• 30% lump sum (25% for UK residents)
• Flexible income options to suit your needs in retirement
• Income paid gross from the Isle of Man
• Freedom to choose benefit commencement dates between ages 55 and 75
• Flexible investment options including private shares, residential and commercial property
• Non-Uk investments roll up gross

A safe and secure investment
The QNUPS scheme and its administrator are subject to a triple-layered regulatory system in the Isle of Man, a country renowned world-wide for its strength of regulation as well as political and financial stability.

Firstly, it is approved as a pension scheme by the Assessor of Income Tax and meets the requirements of Section 50C of the Income Tax Act 1970.

Secondly, it is approved by the Isle of Man’s financial regulator - the Financial Services Authority - as a retirement benefits scheme under the Retirement Benefits Schemes Act 2000. As such it is subject to stringent approval requirements as well as ongoing reporting and monitoring.

Thirdly, the Scheme’s administrator and trustee - Optimus Pension Administrators Limited (“Optimus”) - is separately approved as fit and proper to perform the administrative functions required to run the QNUPS.