The Agility QNUPS is a Defined Contribution Retirement Plan that meets the UK conditions to be deemed a Qualifying Non-UK Pension Scheme (QNUPS).
The Agility QNUPS is designed to provide supplementary benefits in addition to those provided by retirement plans already established by an individual. Retirement benefits are provided in the form of a Pension Commencement Lump Sum (PCLS) payment of up to 30% of the plan value, followed by an income stream for the life of the member.
Contributions are made from post-tax earnings or from person capital. The Agility QNUPS does not permit transfers from retirement plans that have been subject to tax relief on contributions into that plan.
The benefits include:
- No statutory limits on contributions
- No obligation to purchase an insurance annuity (it is optional)
- No Guernsey tax on growth of the underlying retirement fund
- Benefits paid gross (excluding Guernsey residents)
- A very wide range of permitted investments, including residential property
- Commercial loans of up to 30% permitted pre-benefit commencement
- Pension Commencement Lump Sum of up to 30%
- Benefits can be drawn from age 55
- UK Inheritance Tax efficient
- Portability: individuals who have left their home country may reside in several different locations while their retirement plan remains located in a single tax-efficient jurisdiction (US exposed clients or those residing in other Civil Law jurisdictions may not be suitable);
- Discretion over the distribution of the residual fund at death.
The Agility QNUPS is registered with the Guernsey Income Tax Office. The Scheme is administered by Trireme Pension Services (Guernsey) Limited, company number 55537, which is licensed by the Guernsey Financial Services Commission.
The Agility QNUPS is an international pension solution aimed primarily at UK domiciled but not necessarily UK resident individuals. It is a supplementary pension plan which will particularly appeal to clients that have exhausted their UK registered pensions lifetime allowance.