It’s time to Bring your UK Pension Home (India)
Did you know that The Bank of England has forecast that the coronavirus crisis will push the UK economy into its deepest recession in 300 years? To put that in context, this means the coming economic slump in the UK is expected to be worse than the great depression and 2 world wars. If that wasn’t enough, the UK economy shrank by a record-breaking 9.9% in 2020 alone, which is the biggest contraction or “shrinkage” by a developed country.
If you’ve worked in the UK and have accumulated a pension fund over the years, now is the time to get your money out of a broken economy, and into one that’s quite the opposite. While the pandemic has adversely affected a number of countries, India has actually seen growth and is now the 5th largest economy (in terms of nominal GDP) in the world. Additionally, India's economy has nearly increased sixfold in size in less than 20 years and is only expected to get bigger and better.
How do I transfer my UK pension to India without incurring a penalty?
UK pension funds can be transferred to India through QROPS, which are schemes approved by HMRC ( Her Majesty’s Revenue and Customs). Keep in mind, while the official website features a number of schemes that appear to be QROPS approved, the fine-print reads HMRC doesn’t take responsibility in ensuring that they are. Contact us to know which schemes are actually compliant and suit your age and risk profile.
What are the benefits of transferring my UK pension fund to India?
Contact us to transfer your pension fund to India through QROPS approved schemes and reap the following benefits:
1. Transfer is done in 30 days’ time.
2. UK death-tax of 55% is avoided.
3. Transfer is tax-free as well as penalty-free.
4. Investment opportunities that range from high-risk, high-reward equity schemes to low-risk schemes with guaranteed interest rates of up to 10.5%.
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