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FAQ 10 – What is a QNUPS?

  • QNUPS (Qualifying Non-UK Pension Schemes) have been available since February 2010 after announcements from the UK government regarding the exemption of particular overseas pensions schemes from UK IHT (Inheritance Tax). The HMRC specifies the criteria for pensions schemes that will not attract IHT – they must be overseas and are not restricted to countries with signed Double Taxation Agreements with the United Kingdom.
  •  A QNUPS should be considered by individuals who are UK residents, or are resident overseas but retain their UK domicile for IHT.
  •  QNUPS are exempt from UK IHT and this provides the major draw card – savers can pass on their assets free from death duties to their beneficiaries. A QNUPS can hold most investments – including residential property and other assets such as antiques which are not typically held by other pension schemes. A QNUPS cannot typically be accessed before the age of 55. However, depending on the scheme, some QNUPS may allow for a loan or access to larger and earlier tax free lump sums than is standard for a UK pension.

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