How does an overseas scheme become recognised as a QNUPS?
A. To become recognised as a QNUPS, the overseas scheme needs to comply with some requirements which are very similar to those of QROPS though a few key differences set them apart. Most importantly QNUPS do not have to register with HMRC. There are therefore no reporting requirements for any benefits or payments made to the investor, as there are with a QROPS. By definition, therefore, all QROPS are QNUPS but many QNUPS may not be approved as QROPS.
