Qnups were introduced by HM Revenue & Customs (HMRC) on 15 February 2010 and are an overseas pension scheme in which cash and assets that are not eligible for UK tax relief can be contributed.
Optimus’s new offering is called the Optimus Enhanced Retirement Scheme (OERS) and offers the opportunity for UK residents to make unlimited contributions from taxed income.
Optimus director Martin Hall said the firm has already received “encouraging initial enquiries from advisers with UK-based clients seeking wealth planning options as well as international clients with specific interest from the non-dom advisory community”.
“The investment growth in regard to income and capital can be received tax efficiently allowing greater reinvestment and growth.
“Due to the bespoke nature of this retirement scheme we recommend that all clients receive the appropriate advice to ensure that OERS will meet their planning needs,” he added.
Last month, Optimus launched a new offshore retirement fund aimed at wealthy South Africans.
Lifetime allowance (LTA)
The lifetime allowance, which caps the amount of money people are able to save tax-free into a pension over their lifetime, has already been slashed twice in recent years, going from £1.8m ($2.2m, €2.05m) in 2011 to £1m in April 2016.
HMRC figures for 2015-16 show that 449 individuals were taxed 55% on the amount exceeding the £1.25m limit, while 1,009 were charged 25%.
Meanwhile, UK taxpayers receive higher rate tax relief on pension contributions of up to 100% of your earnings or a £40,000 annual allowance, whichever is lower.
The tapered allowance hits those earning over £150,000. It means for anyone with an income of over £150,000, for every £2 of income they have over £150,000, their annual allowance is reduced by £1.
The maximum reduction will be £30,000. Anyone earning over £210,000 will have an annual allowance of £10,000.
