SIPPS (SELF INVESTED PERSONAL PENSIONS) FOR NON UK RESIDENTS
A SIPP is an HM Revenue & Customs recognised tax efficient pension ‘wrapper’ which can receive transfers from UK registered pension schemes. It enables individual investors, residing both inside or outside the UK, to take personal control of the investments that make up their pension fund, in a tax efficient and flexible way.
While Old Mutual International itself doesn’t provide a SIPP, our offshore bonds can be used to hold a wide range of investments within one.
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 a wide range of within a QROPS.
An overseas transfer charge of 25% may apply to some transfers. See our Knowledge Direct article for more detail.
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.