As an expat, you have undoubtedly heard of this terminology amongst friends, colleagues and TV/Internet media. SIPP (Self Invested Personal Pension) are more intended for those planning to retire in the UK, or if the pension is of a relatively small size. A SIPP falls under the HMRC tax laws in the UK, so tax is applicable at drawdown if residing back in the UK. QROPS (Qualifying Recognised Overseas Pension Scheme) are not subject to taxation when drawdown income from overseas provided certain criterias are met.)
QNUPS (Qualifying Non-UK Pension Scheme) is the latest scheme to be introduced by the HMRC in 2010 and is an overseas pension scheme in which cash and assets that are not eligible for UK tax relief can be contributed.
These three schemes were put together by the HMRC to offer more control to those that earned a pension while working in the UK.
Over the last five years, the global pension crisis has been spiraling out of control. These schemes enable the respective individuals to take ownership of their pensions with many benefits that include: