Guernsey-based Kleinwort Benson has launched its Guernsey QNUPS, the COPIA+ Guernsey Retirement Plan. The plan is aimed at financial advisers with British expat clients, as well as foreign nationals with UK IHT exposure.
This new QNUPS (Qualifying Non-UK Pension Schemes) plan is designed for non-UK tax relief contributions and savings from international investors looking to accumulate wealth in a wrapper that protects against UK IHT.
Kleinwort Benson believes that this latest product is ideal for financial advisers with British expat clients and foreign nationals with UK IHT exposure. The product is available via Kleinwort Benson’s international network of supporting IFAs and wealth advisers and will be supported through the KB Academy online financial adviser portal.
Mike Lightfoot, Retirement Plans and Portfolio Trust Director, says, "COPIA+ demonstrates our continuing focus on bringing new wealth wrappers to our offshore distribution partners. QNUPS are fast becoming mainstream tax planning and asset accumulation vehicles within the international marketplace, and will be of considerable interest to any British national or British expatriate who wishes to accumulate wealth and pass funds on to their chosen beneficiaries in an IHT efficient manner.”
COPIA+ is a Guernsey Retirement Annuity Trust Scheme and will sit alongside Kleinwort Benson's QROPS product, the COPIA Retirement Plan. The COPIA+ plan adopts the same fixed fee charging structures as Kleinwort Benson’s existing QROPS and offers closed and open architecture investment options.
QNUPS are new international savings and wealth accumulation vehicles which have come about since HMRC’s enactment of the IHT (Qualifying Non-UK Pension Schemes) Regulations 2010 (SI 2010/51) in February 2010.
They differ from QROPS in that they have no reporting obligations to HMRC or IHT liabilities for the scheme beneficiaries after death.
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