Kreston Pensions has added QNUPS to its offshore offering, highlighting the benefits of the Isle of Man’s regulatory system.

QNUPS (Qualifying Non-UK Pensions Schemes) were introduced in 2010 and can be used by individuals who have a shortfall of income in retirement or are constrained by UK Lifetime Allowance Limits.

Kreston Group CEO David Pope said: ‘The scheme can be used for additional retirement planning. However it is important QNUPS are established carefully to comply with regulations and that the motive is genuine pension provision. If that is not the case, QNUPS can be deemed as having been established for tax avoidance.

‘The Isle of Man is viewed as a secure jurisdiction in which to establish QNUPS as the provider must be regulated by the Insurance and Pensions Authority as a pensions administrator and the scheme regulated as a pension scheme. This greatly assists with ensuring the QNUPS is seen to have been established for genuine pension provision.’