The Bourse Qualifying Non-UK Pension Scheme (the ‘Scheme’) is a trust based scheme approved under Section 157A of the Income Tax (Guernsey) Law 1975. The Scheme meets UK Inheritance Tax regulations in order to be deemed a Qualifying Non-UK Pension Scheme (‘QNUPS’). Bourse Pension Trustees Limited (the Pension Provider) are trustees of the Scheme. The Scheme Deed and the application forms for the QNUPS are available on request by emailing pensions@bourse.gg.

The Scheme has been designed as a pension arrangement for sophisticated high net worth individuals looking to achieve flexibility in the structuring of their retirement savings and pension arrangements. The Scheme allows for:

Flexibility in retirement
The Scheme provides Members with the flexibility to meet their retirement aims and provide choice as to timing.

Flexibility of permitted investments
Members can choose the asset mix within the permitted asset classes to give them maximum flexibility to plan for their retirement in the way that meets their needs. Investments permitted within Guernsey approved schemes are wider than in UK approved schemes but Members must accept that the investment returns may be more volatile than in such approved schemes.

Flexibility of contributions
Members can choose to make Contributions monthly, quarterly, bi-annually or annually, by way of lump sum, in-specie or in a combination of all of these. Members can vary, without penalty, the amount they contribute to suit their circumstances.

Benefits
On retirement, Members can take their pension benefits:

Tax
There is no ingoing lifetime, periodic or exit IHT charges. It is likely that all payments out of the Guernsey QNUPS will be taxable for UK residents as pension income including lump sums. Malta QNUPS should qualify under the new regime (from 6th April 2017) therefore a lump sum of up to 25% may be taken, tax free. Assuming no intention to delay/avoiding taking payments in cases of ill health, there should be no IHT on the death of the Member though there may be an income tax charge following enactment of the Finance Bill 2017.

Bourse 2017 Nom-Dom Solution

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Further Information