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

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·         Minimum entry age: 18 yrs

·         Maximum entry age: 65 yrs

Vesting Age

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·         Minimum vesting age: 45 yrs

·         Maximum vesting age: 75 yrs

Vesting Period

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·         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