Following the UK Budget and the introduction of a 25% charge on transfers to QROPS, we are working through the detail and reviewing our literature. Please visit the Knowledge Direct section of our website in the meantime to read more about the latest changes impacting QROPS.
We have a range of literature covering QROPS and QNUPS.
QROPS (QUALIFYING RECOGNISED OVERSEAS PENSION SCHEME)
A QROPS is a pension scheme established outside of the UK which, by meeting certain HM Revenue & Customs requirements, can receive transfers from a UK registered pension. QROPS could typically be attractive to UK residents emigrating or retiring abroad, mainly due to tax efficiencies.
While Old Mutual International itself doesn’t provide a QROPS, our offshore bonds can be used to hold all required investments within a QROPS.
QNUPS (QUALIFYING NON-UK PENSION SCHEME)
A QNUPS is a way of saving for retirement for those living overseas, or living in the UK but wanting to supplement a UK pension fund by saving outside the UK. A QNUPS is not a specific type of pension, but a set of rules that exempt certain overseas pension schemes from UK inheritance tax (IHT), unless there is evidence of deliberate tax avoidance.