Transfer UK Pension

POSTED BY badvinz ON February 13, 2012 11:09 am COMMENTS (11)

I have some pension accumulated in UK (while I was working there for a short period of time). I want that to be transferred here in India. I have gone through the list of QROPS and have asked each one of them about transfer my pension from UK to India. But they all did not seem to have an answer.
I hope you have come across such a query. If so, can you please guide me through this?

11 replies on this article “Transfer UK Pension”

  1. RJR says:

    @Badvinz, i came across this thread while searching on the internet. I would like to know if you were able find a solution. I am in a similar situation now and it is hard to find options anywhere for HOW to transfer UK pensions to QROPS in India. Any experience on this would be appreciated

  2. sauravd says:

    Changes in UK Pension Transfer.

    I would like to inform you all about some of the major changes in UK Pension system. As per the UK Budget of 2014, it has been proposed that defined benefit pension schemes cannot be transferred to a defined contribution scheme.

    This means all civil services pension and public sector pensions or any pension scheme which is defined benefit scheme cannot be transferred to QROPS from April 2015. Hence this year might be the only chance for you to move your pension outside the UK.

    This is applicable for NHS Pension and other civil services pension.

    For details on UK Pension Transfer to QROPS in India and Overseas, please visit our blog : http://qrops-adviser-india.blogspot.in/

    Saurav Dutta

  3. Andrewe says:

    It would appear that a transfer to a QROPS scheme would be a suitable option in your circumstances.

    However, there is no such thing as the ‘best’ QROPS. There are literally hundreds of schemes on the market, and the ‘right’ QROPS will depend on your personal circumstances, your financial goals and objectives, how old you are, how much lump sum you wish to take from your pension etc.

    A key consideration is that with Indian QROPS, you must purchase an annuity with your pension proceeds, and in many cases, this is not advisable or beneficial for the client. For most people, there are other more suitable options – which give you much higher tax free lump sums, higher levels of tax free income, and the potential to invest in a much wider range of investments.

    For more information, please visit http://qropsadviser.in, or call us on +91 80 4911 6687 for a free consultation on your options.

  4. sauravd says:

    Transfer your UK Pension to QROPS.

    Anyone who has worked in the UK and now have moved to India or any other country can transfer their UK Pension funds to QROPS (Qualifying Recognized Overseas Pension Scheme).

    You can transfer Civil Services Pension / NHS Pensions / Private Pension Schemes to QROPS.

    What are the advantages of doing a QROPS.
     No UK Tax liability.
     Early retirement i.e. before 60 years.
     Full Pension for Spouse and Capital Refund for Children/Nominee.
     No inheritance tax/death tax of 55%.
     Transparency on your investment and charges.

    QROPS options for Indians who have worked in the UK and for British Expats :-
    Overseas QROPS :-

    QROPS Jurisdictions : Gibraltar, Malta, Isle of Man.
    Trustee Options : STM, Sovereign, Castle, Momentum.
    Investment Options : Skandia International, Royal London 360, Cornhill Management.

    Indian QROPS :-
    SBI Life – Annuity Plus.
    HDFC Life – Pension Plans.
    ING Vysya – Golden Years Retirement Plan.

    As an independent QROPS adviser we offer the following services to our clients.

     Free valuation of your UK Pension Scheme.( Private Pension / NHS / Other Civil Services )
     Complete paperwork and documentation.
     Send documents to the UK.
     Successful transfer of your funds to QROPS.
     Quarterly review of your QROPS Scheme.

    Get an independent and unbiased advice on QROPS with no obligation

    For more details please feel free to contact us.

    Saurav Dutta (consultant) : Ph +91-9891 910578. Email : saurav.dutta.qrops@gmail.com
    Pushpa Priya (consultant) : Ph +91-9891 910569.

  5. BanyanFA says:

    Hi,
    You have an excellent point. You might not believe it that when we got the QROPs thing done for our clients, we got the first QROPs business for the respective Pension House in India. If you would contact the customer services, they won’t have even heard upon the QROPs thing. Probably you would have to contact some one in their Legal & Compliance department via their corporate board number.

    As I am aware, all pension companies are currently revamping their investment products in line with the new requirements of IRDA. The pension funds where we got our client’s investments are no longer accepting any fresh applications. Probably it the new launches would get registered with HMRC in next couple of months after which you can get your Pension transferred. In the mean time check one of the QROPs aware site http://inglife-qrops.com/

    Alternatively contact us and we can look out on how to get it done for you.

    Regards
    Banyanfa

  6. BanyanFA says:

    Hi,
    QROPs is a scheme regulated by UK HMRC. Being closely involved with UK NRIs, I have got a couple of schemes transferred from UK to India. It involves the following steps:
    1. Identify the target scheme it is registered with HMRC.
    2. Contacting your UK Pension house to get the pension transfer documents (Outside UK);
    3. Contacting the respective India Pension House and send the pension transfer docs to them.
    4. Indian Pension House shall send you the completed documents to you in UK.
    5. Once you receive the docs, you would need to submit it with the UK Pension house who shall do a check to ensure that all is rightly filled.
    6. Once all in place, your UK Pension shall be closed and funds shall be sent via Wire Transfer to your India Pension House.

    Regards
    Banyan Financial Advisors.

    1. badvinz says:

      @BanyanFA: I already have the first two steps completed. When approaching a QROPS qualified Indian Pension House for the transfer – they have never heard of such a thing called QROPS and deny to have such a scheme (yes, i have the latest QROPS document!).
      If you know a QROPS-aware scheme, please let me know. Thanks!

  7. Hei – I am not well versed with UK taxation but from personal experiences and other experiences I can comment on how 401(k) works in the USA. I would not see major differences between US and UK in handling retirement plans. If you think I am completely off track – apologies.

    In the US the 401(k) when withdrawn before 591/2 years of age is taxed at the current tax rate of the individual (added to salary and taxed). If the individual draws no salary income in a year then they are taxed at the highest tax rate.

    And before I hit the submit button I glanced across another useful site you should be knowing:

    http://www.r2iclubforums.com/forums/showthread.php/21664-UK-Pension-contributions

    I think the direct answers are here…

    1. badvinz says:

      @justgrowmymoney – I had already gone through that post and started inquiring about the transfer to Indian Pension schemes – no one knows a thing!

    2. sauravd says:

      It is a mis-conception for many Indians, who think that they should do an Indian QROPS only. Many a times an overseas QROPS is more beneficial than a QROPS in India. The best jurisdiction for Indians should ideally be Gibraltar and Malta.

      Overseas QROPS – How it Works?

      Your Pension provider will release the CETV(Cash Equivalent Transfer Value) to the established trustees based in Malta, Gibraltar, Isle of Mann. These are known as international tax heavens. Your money is not invested in these countries. These jurisdictions are used by the companies to get tax relief.

      Next step – The trustee will release the money to the Fund House chosen by you. for example : Skandia International, Royal London 360, Cornhill Management etc. These are some of the internationally renowned fund houses.

      You get an open option to invest into Shares, Mutual Funds, Bonds, Fixed Income, ETFs ect. depending upon your own risk profile. Here you can choose and change your investments from time to time.

      Further, you also have the option to invest in different currencies like USD, GBP, EUR, YEN etc. hence you get the advantage of rupee depreciation. As you already know rupee depreciated against pounds by 26% in last one year.

      At the age of 55 years, you will be able draw 30% of the total fund as tax free and rest 70% you can buy an annuity plan to get the pensions or you can start a pension draw down from your fund itself. You can also transfer the entire fund to an annuity plan in India.

      Get an independent and unbiased advice on QROPS with no obligation
      For more details please feel free to contact us. http://www.qrops-adviser.in

      Contact Us : contact@qrops-adviser.in
      Saurav Dutta (consultant) :Ph +91-9891910578.
      Email : saurav.dutta.qrops@gmail.com
      Pushpa Priya (Sr.consultant) : Ph +91-9891910569.

    3. sauravd says:

      QROPS Adviser

      Visit our new Blog of UK Pension Transfer to India and Overseas :-
      http://qrops-adviser-india.blogspot.in/

      Get an independent and unbiased advice on QROPS with no obligation
      For more details please feel free to contact us. http://www.qrops-adviser.in

      Contact Us : contact@qrops-adviser.in
      Saurav Dutta (consultant) :Ph +91-9891910578.
      Email : saurav.dutta.qrops@gmail.com
      Pushpa Priya (Sr.consultant) : Ph +91-9891910569.

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