The Rinella Retirement Benefit Scheme (QNUPS)
Sovereign has developed the Rinella Retirement Benefit Scheme, a multi-member QNUPS that is authorised in Malta and satisfies the necessary conditions to be regarded as a QNUPS for UK purposes. The robust regulatory framework provided by the Malta Financial Services Authority (MFSA), together with Malta’s full EU member status and network of over 70 double taxation pension agreements make Malta an ideal place for UK expatriates to set up a QNUPS.
Malta QNUPS – Key Information
| Investment Options | Open architecture |
| Benefit commencement | |
| Maximum Lump Sum | 30% |
| Malta tax rate applicable to pension* | Up to 35% |
| Death Benefits | 100% lump sum or survivor’s pension |
*Maltese tax will not apply where the pension taxing rights are granted to the member’s country of residence under the terms of a double taxation agreement.
About QNUPS
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.
Malta Pensions Contacts
Explore Qualifying Non-UK Pension Schemes (QNUPS)
Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.
