QNUPS Benefits

QNUPS Benefits

QNUPS Benefits

A QNUPS is riddled with benefits, and it’s easy to see why so many people from the UK are beginning to look at using the QNUPS instead of the traditional pension scheme. In this piece, we look at the main benefits of a QNUPS, and we go into the benefits when compared to the UK scheme. It’s easy to set up a QNUPS, and the many benefits included draw thousands of people ever year into the effective scheme.

 

QNUPS benefits include:

• There is not an upper limit set on how much you can put into a QNUPS. This means you can invest as much as you like into the scheme, without worrying about limits. This is a particular bonus to those who are in the high rate of tax, as it allows money to stored tax free.

• The QNUPS is designed so that the system is 100% flexible. This means it’s possible to avoid all local tax liabilities dependent upon residency, and this can end up saving you having to pay tax on the assets.

• A QNUPS is not age restricted, meaning anyone of any age can pay into the scheme.

• Unlike many regular pension schemes, you are able to pay in after your retirement with the QNUPS. This is great for people with long term investments or for people who come into sums of money after they have already retired.

• The QNUPS potentially gives you the freedom to avoid local inheritance tax and forced heriship laws, which give you, back the full control you deserve over your assets. This also allows you to control exactly how you distribute your estate upon your death, and stops the lengthy process that often follows death to sort out what goes where.

• A QNUPS is available to all UK residents and non-resident members.

• You have total discretion over distribution of residual funds upon the death of the holder.

• All assets of the QNUPS are held in a tax except fund – The only exception to this rule is where withholding taxes apply.

• A QNUPS doesn’t qualify to pay succession and inheritance tax, giving the holder total control over all the assets. The holder also has full control over who / where the assets and belongings to go on death.

• There is a great deal of flexibility paying into the scheme. Generally speaking, you have full control over the amount paid into the scheme, and some schemes even allow you to take breaks from paying into this scheme. This is ideal for people who don’t currently have financial stability, and allows people who otherwise may not be able to regularly pay into pensions the chance to start saving tax free.

• You do not need to be receiving an income directly from employment in order to allow you to make a contribution. This means people that come into sums of money or have investments on the side are able to pay into the scheme when they so choose to.

• The way a QNUPS works is that the holder is not liable for any local wealth or inheritance taxes that are enforced in the local area. This means the holder does not have to have valuable assets taken by HMRC.

• Anyone who pays in or receives funds through a QNUPS does not have to make any declarations to HRMC. This saves a lot of time when the holder passes away, and it means possessions and assets can be distributed between the trustees in a time efficient and fair manner.