Offshore Service Providers Directory

About Us

NEW QROPS and QNUPS Proposition
We can offer a range of QROPS/QNUPS options, across a number of different jurisdictions. It is important to note that each jurisdiction offers different solutions to members of pension schemes. They all have different strengths.

REMEMBER THAT WITH JURISDICTIONS, ONE SIZE DOES NOT FIT ALL

Broadly speaking, the options we can offer fall broadly into the following categories:-

• Qualifying Recognised Overseas Pension Schemes (QROPS)
  In: Isle of Man, Guernsey and Malta
• Qualifying Non UK Pension Scheme (QNUPS)
  In: Isle of Man

QROPS
These have been around since 2006, driven largely by EU requirements to ensure pension portability alongside its rules on freedom of movement etc.
QROPS is for the TRANSFER of UK pension benefits on which UK tax relief has been given, and the act of transferring is a Benefit Crystallisation Event, and as such is reportable to HMRC by the scheme that is transferring out.

QNUPS
This structure was introduced in February 2010 as an amendment to IHT law. It was effectively correcting an error to the 2006 legislation so that QNUPS and QROPS are now effectively outside UK IHT.
The same broad rules that apply to QROPS apply to QNUPS with the following significant differences.

• QNUPS is for CONTRIBUTIONS (including in specie)
• QNUPS is not reportable to HMRC
• No upper age limit for making contributions.

JURISDICTIONS

IOM
A well regulated jurisdiction with an increasing number of taxation agreements with other countries. On the G20 white list, not a member of the EU.
The only offshore jurisdiction with a dedicated pension regulator (IPA) and can also accept transfers of Protected Rights.

IOM QROPS

• 30% tax free cash
• Pension income paid gross
• No tax on death for any fund surplus (on IOM)
• No limits on fund size or contributions
• No need to purchase an annuity
• Outside UK IHT for non UK residents
• Possible early retirement for sportspeople

IOM QNUPS

• As above
• No upper age limit on contributions
• Can invest in residential property

GUERNSEY
A well regulated jurisdiction with a mature financial sector. On the G20 white list, not a member of the EU. Market leader in QROPS market place.

Guernsey QROPS

• 25% tax free cash (may change)
• Pension income paid gross
• No tax on death for any fund surplus (in Guernsey)
• Loans to member allowed
• No need to purchase an annuity
• Outside UK IHT for non residents

MALTA
A well regulated jurisdiction, with a large number of tax agreements. On the G20 white list and a member of the EU. Spent two years discussing QROPS with HMRC before becoming QROPS jurisdiction in 2010.

Its EU status means that other EU countries will be more comfortable with transferring pension assets there. The way it pays out its pension payments can make it more tax efficient in other EU countries.

Malta QROPS

• 25% tax free cash
• Pension income paid gross
• No tax on death for any fund surpluses
• No need to purchase an annuity
• Outside UK IHT for UK non residents

I hope that this highlights some of the strengths and differences that each jurisdiction can offer, as well as the choice of structures.

Contact Us