Ravi's view: Ravi's view: Now transfer your UK pension fund in...

Ravi's view: Ravi's view: Now transfer your UK pension fund in...: Ravi's view: Now transfer your UK pension fund into India : ING Life Insurance brings a great opportunity for you to transfer your UK pensio...

Ravi's view: Now transfer your UK pension fund into India

Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...

Ravi's view: Now transfer your UK pension fund into India

Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...

Ravi's view: Now transfer your UK pension fund into India

Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...

Ravi's view: Now transfer your UK pension fund into India

Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...

Now transfer your UK pension fund into India

Exide Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'Exide Life Golden Years Retirement Plan' which is listed as QROPS.

QROPS stands for Qualifying Recognized Overseas Pension Scheme that is recognized by HMRC (Her Majesty’s Revenue & Customs department) in the United Kingdom.

Our designated QROPS team will assist you in the journey of transferring your funds into Exide Life Golden Years Retirement Plan.

Transferring your UK Pension fund to Exide Life Insurance comes with advantages

About QROPS : QROPS stands for Qualifying Recognized Overseas pension Scheme

Any Individual enrolled with a UK pension scheme who either now lives overseas as an expatriate or is planning to leave UK over the next 12 months can now transfer his / her existing pension provisions into a Qualifying Recognized Overseas Pensions Scheme (QROPS).

·         In order to receive QROPS status, the scheme must be recognized as a pension scheme and should meet the rules of the jurisdiction that it is situated.

·         The scheme must be recognised and meet the Her Majesty's Customs & Revenue (HMRC) rules in the UK relating to how and when benefits can be taken, along with defined reporting requirements prior to the member becoming non UK tax resident.

·         The qualifying scheme must be outside the UK.

·         At least 70% of the funds transferred must be used to provide the individual member with an income for life.

·         The scheme provider must inform HMRC if any payment is made within five years of the member leaving the UK and becoming non UK resident.

Any Indian/OCI/PIO who has either come back or is planning to return to India from UK can now transfer their accumulated pension funds into Exide Life  Golden Years. Exide Life Golden Years is a HMRC (Her Majesty's Customs & Revenue) recognized plan and has been included in the QROPS (Qualifying Recognized Overseas Pensions Scheme) list.

                                                                           Why Transfer?

Any Indian/OCI/PIO who has either come back or is planning to return to India from UK can now transfer their accumulated pension funds into Exide Life Golden Years Retirement Plan that comes with certain key advantages.

Advantage 1

You can take your UK pension income in Indian currency. Emerging markets like India tend to offer better returns than those offered by developed markets*.

Advantage 2

In case of death, the unused corpus in Exide Life Golden Years will be transferred to your beneficiaries Tax Free**.

Advantage 3

You can withdraw 33% of the accumulated funds as tax free** Lump Sum on the vesting date.

Advantage 4

Exide Life Golden Years offers an exciting growth opportunity in the pension space where growth is not restricted to continuance of the contribution.

Advantage 5

Average gross returns on Exide Life GoldenYears has been 9%*** since inception of the plan.

                                                  Exide Life Golden  Years 

Exide Life Golden Years Retirement Plan gives you capital guarantee* and provides a safety net to your retirement corpus. This plan also allows you plenty of flexibility as you secure your financial future.

* The net contribution plus credited bonus interest rates in the IPA (Individual Pension Account) are guaranteed.New Best Years has been approved and included by HMRC (Her Majesty's Customs and Revenue) in the recognized QROPS list as a pension fund to overseas individuals.

You have the flexibility to

·         Choose the regular contribution to be made each year.

·         Choose timing and frequency of contributions.

·         Invest additional amounts in the form of Top-up contributions
            Start the pension whenever you wish.

·         Postpone your retirement date to make best use of market conditions.

·         Take up to one-third of the balance amount at the chosen retirement date as tax-free lump sum.

·         Purchase annuity from Exide  Life Insurance Co Ltd.

Eligibility

--

·         Minimum entry age: 18 yrs

·         Maximum entry age: 65 yrs

Vesting Age

--

·         Minimum vesting age: 45 yrs

·         Maximum vesting age: 75 yrs

Vesting Period

--

·         Minimum vesting period: 10 yrs

·         Maximum vesting period: 42 yrs 

Note - HMRC recommends vesting age of 55 years or more for all QROPS transfers.

                                                          FAQs

Q. How are QROPS structured?

The local jurisdiction will set out how the QROPS is structured. However, most QROPS are structured in a similar way to UK pensions, i.e. a pension administrator (Pension provider) manages the pension fund on the client's behalf, and must be based outside the UK.

Q. Why should I choose Exide Life as my QROPS?

Exide Life Insurance offers a unique plan "New Golden Years Retirement Plan" which has been approved as a QROPS scheme by the HMRC in the UK (http://www.hmrc.gov.uk/pensionschemes/qrops.pdf). The plan gives you freedom of contribution selection and flexibility in payment options.

Q. What types of pension can be transferred to a QROPS?

Any UK registered pension schemes are acceptable, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it.

Q. Can I transfer more than one pension into a QROPS?

Yes, you are able to consolidate/transfer any number of pension holdings into one QROPS. This can reduce cost, administrative burden and create scope for improved investment management.

Q. Who can move their pension into a QROPS?

Any NRI/PIO/OCI who has a UK registered pension scheme or any Indian who has some accumulations into UK pension scheme.

Q. What is the minimum amount that can be transferred into a QROPS?

It appears that there is is no minimum amount as per pension regulations in the UK. However you are advised to check with your pension scheme administrator in the UK on the same and the tax implications if any.

Q. What about taxation of QROPS?

The one third amount from the corpus can be withdrawn as a tax free income and rest of the amount has to be used to purchase an annuity. Apart from choosing an annuity product with us, you also have the option to choose annuity product from other life insurers in India at the time of vesting age. Annuity will be added into your income and will be taxed accordingly. Please note that tax benefits are subject to change from time to time. You are advised to consult a tax practitioner to understand the tax implications at the time of transfer to the QROPS.

Note: The service to the customers in transferring their pension fund will be given irrespective of their locations where ever they stay, like any part of India or Abroad.

                        FOR START UP OF THE PROCESS CONTACT

Ravi kumar
Financial Consultant , Branch-B21, Consultant  Code-60272381.

Exide Life Insurance Company Limited, # 28,
6th Floor, Centenary Bldg, MG Road, Bangalore-560001.

M  +91 9844519872

Email: ravi.sampige@gmail.com

Pensions Transfer Process for doctors relocating from UK to India

What is QROPS?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is a way of moving your NHS pension arrangements to a scheme administered outside the UK, which is more flexible & easily accessible for people who have retired abroad or are planning to do so. 

What is Exide Life Golden Years Retirement Plan?

Exide Life Golden Years Retirement Plan is a non-participating variable Insurance Pension plan allowing for accumulation of premiums until the vesting age. This Plan provides guaranteed benefits on vesting & death.The scheme is also recognized as ‘Qualifying Recognised Overseas Pension Scheme(QROPS) by HMRC. One can get their NHS Pension transferred into the scheme. The transferred Corpus will continue to grow till the vesting age of 55 years. Exide Life Golden Years delivered Consistent returns by declaring an average compounding returns of 9.65% over last 8 years.

On attaining vesting age of 55 years, the Member can commute the policy & take 1/3^rd of the total grown Corpus as tax free Lumpsum& the remaining 2/3^rd amount can be used to purchase a life annuity from Exide Life till the Member’s lifetime. On demise of the Member (before or after vesting age), the Nominee can either choose take pensions or can take the Corpus back as tax free lumpsum.

 

What are the steps involved in the pension transfer?

 

Step1: Mandate to NHS UK requesting to dispatch CETV to QROPS Scheme Manager.

Step2 : On receipt of set of forms (CETV) from NHS, the QROPS Scheme Manager will be returning them duly filled with the required details to NHS authorities.

Step 3: NHS will be transferring the Corpus directly to Exide  Life Insurance bank Account through Wire Transfer, under intimation to the client.

Step 4: On receiving the Corpus to ING bank Collection A/c, the bank authorities ask the Scheme Manager  to submit the prescribed Disposal Form giving complete details of the transaction.

Step 5: On Submitting the prescribed Disposal form to the bank, the Forex Department of the bank will convert the Currency at the prevailing Exchange rate as on that day.

Step 6: The receipt for the transferred Corpus after conversion (premium) will be drawn in the Client name from the Accounts Department.

Step 7: Exide Life Golden Years Retirement Policy will be completed instantaneously, which gives the client unabated guaranteed as well as variable benefits as per the features of the policy.

Step 8: Finally the Client will receive a communication from NHSPA-UK over post confirming the transfer of NHS pensions to Exide Life Golden Years Retirement Plan.

Case illustration

Client 1: Dr A, 35 year old physician, worked in the UK for 7 years as a SHO and a year as a consultant and contributed into the NHS pensions. He left the UK & settled in India for good. Now he was in a quandary as to how to deal with his NHS pension rights. With his authority, we obtained the relevant information from NHS Pensions authority (NHSPA) and the total amount accumulated was in excess of £80,000. It became apparent considering the impact of UK Inheritance tax rules as well as few other important factors which increased the likelihood of a transfer to a QROPS in India being in his best interest. Now we have transferred his amount in INR Rs. 80.20 Lacs in Exide Life Golden Years Retirement Plan in India, which he can expect to grow at about 7.5% to 8%. At 55 years his corpus is likely to grown to 3.1 Crores. He can take a lump sum of 33% of this amount (Rs.1.02 Crores) as 100% tax free commutation amount and take an approximate pension of Rs. 15 Lacs P/A guaranteed for life on the balance amount of Rs.2.07 Crores. In case of demise of the pension holder, Rs. 2.07 Crores in this case will be given to Nominee which would be 100% Tax free

Client 2: Dr B, 42 year old Pediatrician, worked in Scotland & England and contributed to both NHS pensions in England and in the Scotland Public Pension Agency (SPPA). After leaving the UK, she is working in Singapore and intends to settle down in India after retirement. Dr B wanted to transfer her both NHS & SPPA Pension rights to a QROPS in India. With her authority, we approached both NHS & SPPA & obtained the relevant information from both the agencies and the total amount accumulated was in excess of £1,50,000. On completion of the transfer, we were able to Consolidate Pension rights of both NHSPA & SPPA to one Exide Life Golden Years Retirement Plan.

Client 3: Dr C wants to relocate to India after 3 months, but wanted to take advantage of the ££ value(Current Exchange rate) and opted out of NHS pension scheme while being in UK. With his authority, we initiated Transfer process & successful in transferring his NHS pension rights to ‘Exide Life Golden Years Retirement Plan’ whilst he is in UK and he is able to took advantage of the Current Exchange rate. In addition Dr C is enjoying all the benefits of the scheme that has been illustrated in the above two case studies.

The sequence in brief

1.      I explain the scheme, work out the benefit illustration and answer your queries

2.      Collecting documents, sending by DHL Courier to UK, tracking it.

3.      Receipt of forms from UK with calculation of corpus amount. I will process them and get them signed by client, send them back to UK

4.      Transfer of corpus amount from UK to Exide Life Golden Years Retirement plan.

Documents needed

1.       Exide Life application form

2.      Two Passport size colour photos

3.      OCI/PIO Photo copy if you are OCI/PIO Card Holder

4.      Address proof in India (Utility bills/ Bank Statement/ Ration card, Letter from bank etc. If address proof not available in your name, then address proof in the name of Spouse?parents)

5.      A Cheque of Rs 24,000 in favour of 'Exide Life Insurance'. This 24,000 premium can be paid online directly to Exide Life Insurance A/c.
6) Passport photo Copy

  Who am I?

Let me introduce myself. I am Ravi kumar I have been working as a Financial Advisor for more than 5 years. I have been instrumental in transferring pension for relatively good number of doctors & other professionals who have relocated from UK to India & other jurisdictions overseas. I promise to offer quality service & my service covers existing Pensions review, Free QROPS Consultations & Guide, Transfer Recommendation Report and much more.

Please contact me for an informal chat about the transfer scheme with my following Contact details.

Mr Ravi Kumar. Financial Consultant (Code: 60272381), Exide Life Insurance Co Ltd.

Branch- B 21, # 28, 6th floor, Centenary building, M.G Road, Bangalore-560 001.
Cell:     +91 9844519872, +91 9980927393
Email:  ravi.sampige@gmail.com

             

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EMAIL: ravi.kumar5@inglife.co.in

             ravi.sampige@gmail.com