Sound financial advice and effective retirement planning are essential for the rising number of people who choose to relocate or retire abroad.
Qualifying Recognised Offshore Pension Schemes (QROPS) have enabled investors to transfer their frozen UK pensions overseas, and now the introduction of QNUPS, following the regulations by the UK HM Revenue & Customs (HMRC) on the 15 February this year, offers another potential tax efficient way to save for retirement.
These new schemes benefit from a UK inheritance tax exemption in respect of UK tax-relieved funds that have been transferred to the QNUPS and will offer expatriates the option to pay money into a scheme once they have retired abroad, something that they were not entitled to with a QROPS.
Nigel Green, chief executive of the deVere Group said the expatriate market was the group’s main focus and it wasimportant to find new opportunities that will help British clients become more tax efficient on local taxes in the countries where they are tax resident and UK inheritance tax (IHT) when they retire abroad commented.
He said: “We are excited to be at the forefront of this industry and believe that these QNUPS will provide many new benefits for people who live overseas.”
The deVere Group, a member of the Chartered Institute for Securities & Investment (CISI) has about £100m under advice on offshore pension schemes, representing nearly a quarter of all UK transfers to offshore pension schemes in recent years.