If you have decided to opt for QNUPS and may have had no Offshore Pension or Investment arrangement experience earlier, then you might need to consult a financial adviser. "Qualifying Non UK Pension Schemes" involve Tax exemption especially the UK IHT or Inheritance Tax and this makes it important to hire an adviser. But, it is important to find out what to look for in order to choose the right adviser and also criteria which is necessary to take into account to select that right person who can take care of the Retirement plan. The popularity of this Offshore Pension or Investment scheme gave rise to the demand for these advisers.
QNUPS only came into existence in February 2010 and at the time when it was confirmed by the HMRC that some overseas schemes can enjoy UK IHT or Inheritance Tax exemption. But before this, there were already many overseas schemes for UK citizens who were residing in other countries post Retirement which were operational and many are still in operation and this implies that there are already few advisers who specialize in this sector. So, it shouldn't be much of a problem finding an adviser who is already quite experienced in dealing with these matters.
"Qualifying Non UK Pension Scheme" which is the full form of QNUPS is itself a complicated phrase to understand. We all are quite aware of the fact how many regulations and rules are there in a pension and particularly if it's an overseas scheme. It is to be noted that this overseas scheme came through a legislation made by the HMRC because in the earlier drafted legislation failed to include certain UK exemptions in the policy schemes.
The reason why you need a QNUPS adviser is because, you require someone who can not only provide you with all the details about the rules and regulation which you need to know but also in a language that is easy for you to understand.
Financial regulations and rules are subject to alteration every now and then and also there is frequent launch of new financial products in the market. So, it becomes difficult for people to keep a tab on the changes in the market on a daily basis. This is the reason why it becomes necessary to seek the assistance of a QNUPS adviser. These advisers have all the updated information about the latest developments in the financial sector.