QROPS India Pension Schemes

Dear Readers, I'm glad that every day,  there are more than 50 visitors to the blog, But iam getting less number of enquiries by phone calls.  You can reach me on 0091 99621 70707 / 0091 98848 00699. Feel free to call me,  I will provide you more details about benefits of transferring to india and why. Regards J N Yuvaraj

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I pay into an NHS Pension Scheme Additional Voluntary Contribution (AVC) plan. What are my options with regard to this if I leave the scheme? Your NHSPS AVC plan is not tied to your main scheme benefits. So, for example you can retain your main NHS benefits in the NHS Pension Scheme whilst transferring your NHSPS AVC.  This can be transferred to an existing Free Standing AVC or personal pension/stakeholder pension provided it has the relevant approval under the Finance Act 2004. If you have been paying into the NHSPS for less than two years you will be obliged to take a refund of a lump sum equal to the realisable value of the investments you have made into the NHS AVC (less tax).

How is the Cash Equivalent Transfer Value (CETV) payment calculated? This is calculated by converting the value of your NHS pension rights into a current cash value using factors supplied by the Government Actuary Department (GAD). These factors will vary according to your age, gender and marital status. The calculation may also take account of the current level of the stock market.

How do I apply for a transfer out of the NHS Pension Scheme? You can either ask your new registered scheme to write to the relevant Pensions Agency to initiate a transfer (advising them of the time limits), or write directly to them yourself. If the transfer is possible, a Cash Equivalent Transfer Value (CETV) will be provided. The new scheme administrators will be able to advise on the level of benefits this will acquire in the new scheme. You are not committed to proceeding with the transfer as a result of having asked for a transfer value. This is your opportunity to decide whether a transfer is in your interests. Please refer to the question above regarding the recent announcement on restricting transfers from “unfunded Public Sector Schemes”.

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