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 1/3rd of the total grown
Corpus as tax free Lumpsum& the remaining 2/3rd 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
6) Passport photo Copy
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
Cell: +91 9844519872, +91 9980927393
Email: ravi.sampige@gmail.com
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ReplyDeleteI appreciate your post, all things are totally true. Thanks for sharing your lovely experience with everyone. Qrops Pension Providers
ReplyDeleteHi, The amount that the person will immedietly receive after pension transfer, is it per annum? Can you please clarify, thanks.
ReplyDeleteReally appreciate this wonderful post that you have provided for us.Great site and a great topic as well i really get amazed to read this. Its really good. نقل عفش
ReplyDelete