QROPS-Transfer your pension from UK to India

QROPS 

Since April 2006 as a direct result of EU human rights requirements of the freedom of capital movement, individuals have been able to transfer their pension savings in a UK registered pension scheme to a Qualifying Recognised Overseas Pension Scheme (QROPS).
If you are an Indian or a Person of Indian Origin having accumulated Pension Funds in UK, you can now transfer your pension savings to a Qualifying Recognised Overseas Pension Scheme (QROPS) in India. To be a QROPS, a pension scheme must be based outside the UK and meet certain requirements stipulated by the HMRC, UK. Transfers to QROPS can be Tax Free if the individuals transferring their UK Pension Benefits, reside in the same country where the QROPS is established.

Reasons to consider before moving your pension funds from UK to India 

  • 1No Inheritance Tax (as per prevailing tax laws in India) - Leave behind the purchase price amount for your beneficiary without any tax liability.
  • 2After age of 55 withdraw up to 1/3rd of the vesting amount without any tax liability(as per prevailing tax laws in India) and utilise remaining 2/3rd to purchase annuity guaranteed for life.
  • 3Take advantage of higher interest rates in India to avail pension guaranteed* for LifeTime for Self & Spouse.
  • 4Strong and robust regulatory framework in India.

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