QROPS may be used to receive transfer values from any UK-registered pension scheme including Guaranteed Minimum Pensions or protected rights.

The transfer values may be paid to a QROPS (other than annuities or secured pensions) even where benefits have been taken.

There is no maximum limit on transfers into a QROPS. UK tax charges may apply if an individual exceeds their UK Life Time Allowance limit.

While there is technically no lower limit, the running costs of a QROPS mean a transfer of less than £100,000 is unlikely to be viable. Trustee discretion and personal circumstances may be taken into consideration for limits lower than this.

There can be considerable flexibility in terms of the timing in taking benefits from a QROPS. A member may generally take benefits from age 55 depending on circumstances. Generally, some benefits should commence by age 75 at the latest (or as the law may allow and as may be amended).

Any benefits not paid in accordance with UK requirements during this time may be classed as an unauthorised payment for which a number of tax charges could apply.

There is no maximum limit on contributions into a QNUPS. While there is technically no lower limit, the running costs of a QNUPS mean a contribution of less than £100,000 is unlikely to be viable.

There can be considerable flexibility in terms of the timing in taking benefits from the QNUPS. A member of the plan may generally take benefits from age 55 depending on the circumstances prevailing. Generally, some benefits should commence by age 75 at the latest.