Funding

• No limit on contributions.
• No need to have any employment (relevant) income to make contributions.
• Can be funded by contribution or transfer from an international pension.

Growth

• No capital gains tax.
• No lifetime limits on fund size.
• Wide range of investment options and multiple currency options, subject to our Statement of Investment Principles.

Benefits

• QNUPS may avoid local succession law, enabling the client to control who inherits.
• Flexible income can be deferred until age 75.
• UK inheritance tax and local succession taxes may not be payable from the QNUPS fund upon death.
• Flexible permitted investments.
• Ability to take a lump sum of up to 30%.
• There is no requirement to purchase an annuity.
• No reporting requirements to HMRC.

• Expatriates saving for their retirement who may wish to return to the UK in the future.
• High net worth UK residents or domiciled individuals who have already utilised their maximum income tax relievable pension contributions.
• Anyone who, after 6 April 2010, became restricted to basic rate income tax relief on UK pension contributions.
• Individuals wishing to transfer from an International Pension Plan.

No tax relief on contributions. Employer contributions are not advisable.

The regulations state that at least 70% of a member's relevant scheme funds must be used to provide the member with an income for life and the pension benefits are payable no earlier than age 55.

Capital Gains Tax (CGT)
No UK tax on chargeable gains made by the QNUPS.

Inheritance Tax (IHT)
Ordinarily out of scope for UK inheritance tax.

The possible benefits payable under a QNUPS include benefits on retirement (including a lump sum of 30% of the fund and an annuity/pension for life), benefits on incapacity and early retirement, and death benefits.

If the member is non-UK resident, there will be no UK tax charge on any payments to them from the QNUPS. They may, of course, be taxed in the jurisdiction in which they reside. A UK resident would pay tax on the pension income paid from the QNUPS.

The scheme is subject to international rules of the Automatic Exchange of Information.

If the member has not retired, a loan may be granted to them. It is vital that the loan is commercial in all senses and not just in terms of the interest rate which applies. The loan will be an investment by the trustees and therefore all the usual due diligence on the loan and the member's ability to repay, which a prudent trustee would undertake before making an investment, would be carried out.

Guernsey rules currently allow loans of up to 30% of the value of the fund.