A Qualifying Non-UK Pension Scheme (QNUPS) is a pension scheme based outside the UK that qualifies for an exemption from UK Inheritance Tax (IHT). QNUPS were created under the Inheritance Tax Regulations 2010, which became effective on 6 April 2010, and add to the menu of potential retirement planning solutions available from Sovereign. QNUPS are open to UK tax residents, including those permanently residing in the UK and overseas residents who are UK domiciled.
QNUPS are a particularly attractive additional retirement savings plan for UK resident individuals who have reached the permitted limit of their domestic UK annual and lifetime allowances, but who wish to make further provision for their retirement. QNUPS may also provide attractive pension planning for non-UK resident and non-UK domiciled individuals who may decide to move to the UK, or UK expats who may wish to return to the UK in the future.