Pensions Transfer Process for doctors relocating from Scotland to India. Transfer of Pension Rights from Scotland Public Pension Agency (SPPA) to a QROPS in India.

What is QROPS?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is a way of moving your Scotland Public Pension Agency(SPPA) pension arrangements to a scheme administered outside the Scotland, 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?(Formerly known as ING Golden Years Retirement Plan).

Exide Life Golden Years Retirement Plan (formerly known as ING 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 SPPA Pensions transferred into the scheme. The transferred Corpus will continue to grow till the vesting age of 55 years. The Existing Exide Life Pension Scheme has 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 Company 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 Scotland Public Pension Agency(SPPA) Scotland, requesting to dispatch CETV to QROPS Scheme Manager.

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

Step 3: Scotland Public Pension Agence (SPPA) 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 SPPA-Scotland over post confirming the transfer of SPPA pensions to Exide Life Golden Years Retirement Plan.

Case illustration

Client 1: Dr A, 35 year old physician, worked in the Scotland for 7 years as a SHO and a year as a consultant and contributed into the Scotland Public Pension Agency (SPPA)  pensions. He left the Scotland & settled in India for good. Now he was in a quandary as to how to deal with his SPPA pension rights. With his authority, we obtained the relevant information from SPPA Pensions authority and the total amount accumulated was in excess of £80,000. It became apparent considering the impact of 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 SPPA pension scheme while being in Scotland. With his authority, we initiated Transfer process & successful in transferring his SPPA 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 Scotland, tracking it.

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

4.      Transfer of corpus amount from SPPA 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 Consultant for more than 5 years. I have been instrumental in transferring pension for relatively good number of doctors & other professionals who have relocated from Scotland 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

India based UK expats located into a Country with no QROPS providers- Third party QROPS is a Solution

Non-resident Indians form one of the largest expatriate populations in the world. About 80% of the Indian expatriate's have savings in an existing UK pension fund but are considering to retire in other countries outside UK including India.   Most of these expats do retire in countries like Singapore etc where there are no QROPS providers.

Around 180 countries are not represented in the global QROPS market place with its over 3000 pension funds giving rise to worries for India based retirement savers who wish to invest. Even though, it looks like disadvantage, actually India based UK expats got much more opportunity than any other UK expats from other nations.

Even though, India based UK expats retires  in a country where QROPS providers is not found, these expats can still invest in QROPS in India. Most of the insurance companies in India offers QROPS products & India based UK expats can transfer their UK pensions & enjoy the benefits of QROPS over UK pensions. The additional requirement for the expats is to fill an additional form known as ‘ PIO/OCI Questionnaire’ (person of Indian origin/Overseas Citizen of India Questionnaire).

The respective insurance company in India grabs some of the important information of the expat’s through this Questionnaire. Some of the important information like their country of citizenship, address in the country of citizenship, social security number (if any), country of residence, passport details& more importantly how the expat relate to India as PIO/OCI etc.

It doesn’t mean that only QROPS available in India is a solution for Indian expatriate’s living in a country where QROPS are not available. Most of the features of QROPS in India do not match the needs of the people of this segment. For instance, once the UK pensions transferred to a QROPS in India, usually the corpus gets locked & the same cannot be moved into another HMRC recognized pension scheme if the Member wishes. The member has to remain with the scheme lifelong and avail pensions from the same Insurance Company on vesting. If any other insurance company pays higher pension rate than the current provider, still the Member got no provision to move his/her corpus & avail the higher benefits since most of the QROPS providers in India got no open market option.

The next best solution for Indian expatriate's is ‘third party’ QROPS.  The popular jurisdictions for third party QROPS are Gibraltar, Malta and the Isle of Man. These jurisdictions got about 300 OFF Shore pensions to select.  The advantage is, once the UK pensions transferred to a third party QROPS the expats can move across the Globe without any obligation to often shift his/her UK pensions whenever they make a move. Because the expats does not have to be the resident of the jurisdiction where QROPS is based.

As for as income tax is concerned is , the same has to be paid where retirement saver lives & not in the centre where QROPS is established. Moreover, the tax liability arises if there is any due. Most of the QROPS schemes make Gross payments & tax is not deducted & transfers the pension benefits in any major currency to the member’s local bank account avoiding the potential exchange rate charges. The most advantage from this third party QROPS is that, even though the expat has not yet decided where exactly to retire, still this option  gives relief to take decision on their own time and at the same time offer peace of mind that retirement savings are not diminishing due to a string of early exit transfer fees.

A good independent financial advisor can advise you the right QROPS (both in India & OFF Shore) & Jurisdiction to get your UK Pensions transferred.

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

Mr Ravi Kumar. Financial Consultant.  Exide Life Insurance Co Ltd

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.       

Cell: +91 9980927393,  +91 9844519872

Email:  ravi.sampige@gmail.com

UK Consultation office :

QROPS Advice

Global Administration office)

14-18 Heddon Street, Mayfair

London-W1B 4DA UK

Email: ravi@qrops-advice.net

India based UK expats should pool UK pensions into One QROPS in India or Overseas

It is good to consolidate UK pensions into one ‘Qualifying Recognised Overseas Pension Scheme(QROPS) that are scattered among different UK pension schemes. Consolidating UK pensions into one QROPS is cost effective step for India based UK expats.

Most of the India based UK expats often changes the companies in search of better opportunities leaving small pension pots behind. If a pension account not receiving regular contributions then it often results in higher administration costs from pension scheme providers than an active scheme with regular contributions.

In most of the cases, the ten or more year old pension schemes face higher charges than revised modern schemes. It is also time consuming to track the status of the pension schemes across different providers.  So it is advisable to consolidate all the pension schemes into one QROPS. The funds will lie under single account. It saves the time & easy to manage investments if the same is linked to one account.

According to the recent surveys conducted by prominent organizations like prudential that about 25% of the retirement savers got no idea what they would have accumulated in their pension pot. This fact putting them away from making sensible decisions about their savings.

Eventhough the consolidation of pension funds is sensible decision, the retirement savers must know the fact that not every overseas pension scheme is suitable to transfer.

For an information, State pensions cannot be transferred to a QROPS. It is not advisable to get workplace pensions transferred to a QROPS, since Workplace pensions give benefits that are not available with QROPS, so it’s not cost effective to make transfer arrangements. Whatever the pension fund size, it doesn’t matter. Different QROPS providers got their own set of rules about minimum fund sizes. Ultimately, the total pot transferred & consolidated gets counted.

It makes sense in consolidating the pension pots into a QROPS considering the charges draining cash from retirement savings. It doesn’t mean that QROPS providers will cost you nothing. But it is not difficult to find a QROPS with reasonable fee structure. There are about 3000 QROPS across 46 jurisdictions as product as well as jurisdiction options for India based UK expats.

A good Independent financial Advisor can advise with an illustration of why shifting a pension fund is a good idea for many retirement savers.

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

Mr Ravi Kumar. Financial Consultant.  Exide Life Insurance Co Ltd

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.       

Cell: +91 9980927393,  +91 9844519872

Email:  ravi.sampige@gmail.com

UK Consultation office :

QROPS Advice

Global Administration office)

14-18 Heddon Street, Mayfair

London-W1B 4DA UK

Email: ravi@qrops-advice.net

Pensions Transfer Process for Professionals relocating from Ireland & Scotland to India

What is Overseas Pensions transfer?

Overseas Pensions transfer  is a way of moving your Ireland pension arrangements to a scheme administered outside the Ireland, 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. One can get their Ireland Pension transferred into the scheme. The transferred Corpus will continue to grow till the vesting age of 55 years. The existing Exide Life Pension scheme has 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 as tax free lumpsum.

In order for Ireland pensioner to transfer pension benefits, confirmation that the benefits provided by the receiving pension policy must be revevant benefits i.e. not a pension policy that provideds death/disability only & confirms with the following:

*   It should be a bona fide pension policy, under a separate legal trust, which can only be used for the purposes of providing annual / monthly income in retirement from age 50 years or later.

 *   The receiving Pension Policy must not permit more than a certain proportion of the fund to be paid as a tax free lump sum on retirement. This amount will be stipulated at the time of transfer, in accordance with Irish Revenue limits.

 *   The Pension Policy must not be capable of surrender in circumstances other than retirement.
 *   The Pension Policy should be an employer sponsored scheme.

 1.  Confirmation that the receiving Pension Policy has been approved by an appropriate regulatory authority and details of that approval.

 2.  Confirmation that the Trustees / provider are capable of and willing to accept transfer values.

 3.  The names of the Trustees of the receiving Pension Policy.

 4.  Confirmation that the Member has been accepted as a full member of the receiving Pension Policy.

 5.  A full English translation of the terms and conditions of the Pension Policy should be provided.

 6.  Confirmation that pension can’t be drawn down in time of the financial hardship

Case illustration

Client 1: Mr A, 35 year old Software Professional, worked in the Ireland for 7 years as a Sr Staff Design Engineer  and contributed into the UK pensions with One of the Ireland pensioners. He left the Ireland & settled in India for good. Now he was in a quandary as to how to deal with his Ireland pension rights. With his authority, we obtained the relevant information from his Ireland Pensions authority  and the total amount accumulated was in excess of  € 85,000. It became apparent considering the impact of  tax rules as well as few other important factors which increased the likelihood of a transfer to a recognized pension scheme in India being in his best interest. Now we have transferred his amount in INR Rs. 72,25,000 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 & Ireland and contributed to both UK pensions in Ireland and in the Scotland Public Pension Agency (SPPA). After leaving the Ireland, she is working in Singapore and intends to settle down in India after retirement. Dr B wanted to transfer her both Ireland & SPPA Pension rights to a Recognised pension scheme in India. With her authority, we approached both Ireland pensioner & 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 Ireland Pensions & SPPA to one Exide Life Golden Years Retirement Plan.

Client 3: Mr C wants to relocate to India after 3 months, but wanted to take advantage of the €€ value(Current Exchange rate) and opted out of Ireland pension scheme while being in Ireland itself. With his authority, we initiated Transfer process & successful in transferring his Ireland pension rights to ‘Exide Life Golden Years Retirement Plan’ whilst he is in Ireland 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.

Who am I?

Let me introduce myself. I am Ravi kumar I have been working as a Financial Consultant for more than 5 years. I have been instrumental in transferring pension for over 60 professionals including Engineers & Doctors who have relocated from Overseas countries  to India. I promise to offer quality service & my service covers existing Pensions review, Free QROPS Consultations & Guide, Transfer Recommendation Report and much more.

The sequence in brief

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

2.      Collecting documents, sending by speed post 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.      Passport/OCI /PIO  card photocopy

4.      Address proof in India (Utility bills/ Bank Statement/ Ration card, Letter from bank etc..)

5.      A Cheque of Rs 24,000 initial preimium in favour of Exide Life Insurance to open Pension A/c

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

Mr Ravi Kumar. Financial Consultant Exide Life Insurance Co Ltd

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.    Cell: +91 9980927393,  +91 9844519872

Email : ravi.sampige@gmail.com

Indian banks - Challenges ahead

The BSE’s banking index is down 12% year to date, underperforming the Sensex, which rose 6.8% during the same period. This shows the stock market is not confident about the banking industry. 

What’s more, the outlook going forward too is negative, according to Moody’s, a global credit rating agency. 

Here are reasons why our banks are troubled:

•  Weak economic conditions:
Banks work within the framework of the economy. They are not buffered from weak economic conditions. India’s economy is growing at sub-5% levels, down from its peak economic growth of 9%. It is expected to grow at 5-5.5% levels in the current fiscal. It has also been battling with persistent high inflation and exchange rate volatility. 

This has forced the RBI to keep key benchmark lending rates high. This not only impacts demand for loans, but also increases cost of operations for banks. Profitability of banks, thus, falls.

•  Bad asset quality:
As the economy slows, companies find it difficult to repay loans. If companies default in interest payment or repayment of their loans, these are classified as non-performing assets or bad loans. Asset quality of banks has been deteriorating since the past few years. 

Bad loans as a percentage of total loans rose to 3.3% in FY13 from 2.4% in FY11, according to the Moody’s report. When calculated as a percentage of total shareholder equity and loan loss reserves, the amount of bad loans rose to 26.9% in 2012-13 from 20.6% two years ago.

This is likely to continue as corporates continue to see slow revenue growth. The infrastructure sector is the most affected. But the problem is spread across sectors. The ratio of net debt to equity has risen to 257% in FY013 from 193% in FY11, Moody’s reported. 

•  Decline in profitability:
Banks borrow money from depositors and lend money at a higher interest rate. The difference between the interest rates on deposits and loans is the key source of income for banks. This is called the net interest income (NII). 

For 40 banks, NII rose by 13% in the July-September quarter of the current fiscal from the previous year, according to a report in the Mint newspaper. However, the net profit of the banks fell nearly 25% over the same period, the report added. This is because banks have to set aside a portion of their profits to take care of bad loans. This is called provisioning which jumped 63% for the 40 banks. 

Also, in a weak economic climate, banks also have limited capacity to raise interest rates to make up for the losses. This puts further pressure on profitability.n a terse response, K C Chakrabarty, deputy governor, Reserve Bank of India, said recently that he was worried about the future of Indian banks when asked about banks of the future. 

Banks are essential to the growth of an economy. India’s banks have been under stress for a while now.

The BSE’s banking index is down 12% year to date, underperforming the Sensex, which rose 6.8% during the same period. This shows the stock market is not confident about the banking industry. 

What’s more, the outlook going forward too is negative, according to Moody’s, a global credit rating agency. 

Here are reasons why our banks are troubled:
•  Weak economic conditions:
Banks work within the framework of the economy. They are not buffered from weak economic conditions. India’s economy is growing at sub-5% levels, down from its peak economic growth of 9%. It is expected to grow at 5-5.5% levels in the current fiscal. It has also been battling with persistent high inflation and exchange rate volatility. 

This has forced the RBI to keep key benchmark lending rates high. This not only impacts demand for loans, but also increases cost of operations for banks. Profitability of banks, thus, falls.

•  Public-sector banks:
State-owned banks dominate India’s financial sector. They account for 70% of total banking assets in India. However, the ratio of bad assets is much higher among public-sector banks than the privately-owned ones. 

Also, they have greater exposure to debt-laden sectors like infrastructure. “Nonperforming loans (NPLs) and restructured loans will rise in particular at public-sector banks that lend heavily to infrastructure projects,” Moody’s said. All this has led to greater weakening of profitability than private banks. 


Moreover, they are heavily dependent on the government for capital infusion. The government has budgeted Rs 14,000 crore as capital for state-owned banks. However, Moody’s expects the capital requirements to exceed this. At a time when the government is under pressure to cut expenses, it may not be able to cater to the additional needs of public sector banks.

Source: http://in.finance.yahoo.com/news/why-india%E2%80%99s-banks-are-troubled-032720352.html

UK Pensions transfer to a QROPS in India - Exide Life Golden Years Retirement Plan

What is QROPS?

Indians who have worked in UK might have made some regular contribution from their income towards a pension fund. Now if they plan to move out of UK, the UK Government allows transfer of their pension funds tax free to pension schemes in India registered as QROPS.

QROPS stands for Qualifying Recognized Overseas Pension Scheme. It refers to overseas pension schemes which have been approved by Her Majesty's Revenues and Customs (HMRC), UK for transferring a UK pension fund 'tax free' to any other country. HMRC is the government body in UK that collects and administers taxes.

What is Exide Life Golden Years Retirement Plan?

Exide Life Golden Years Retirement Plan is a unique plan that helps you make your retirement years the golden years of your life by offering a host of benefits for building a substantial corpus. This is also a ‘Qualifying Recognised Overseas Pension Scheme’(QROPS). You can make the most of this scheme by transferring your UK Pensions to ‘Exide Life Golden Years Retirement Plan.

5 Reasons you should consider moving your pension funds from UK to India

1	Receive pension and other benefits in Indian Rupees
2	Benefit from better appreciation opportunity
3	Get 1/3rd of retirement fund tax free and use balance for life long pension.
4	Leave behind the unused retirement fund for your beneficiary without any tax liability
5	Benefit from our experience in managing a retirement corpus of INR 200 cr. under our erstwhile QROPS approved scheme Exide New Best Years

Who Should Consider?

·         Any Indian/PIO/OCI who has contributed to a pension fund (other than National Insurance Contributions) in UK and has either moved out or is planning to relocate outside of UK.

·         Only non-active pension funds can be transferred.

Key Benefits

1. Growth with minimum guarantee

Your Individual Pension Account (IPA) grows at an interest rate declared every year. It is determined subject to the performance of the fund. 
However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy years and 1.5% p.a. for rest of the policy term. The interest once added in IPA is guaranteed to be paid.

2. Consistent Bonus Track Record (on Existing Retirement Plans)

Exide Life Insurance has demonstrated a consistent bonus track record by delivering an average interest rate of 8.54% p.a. over last 8 years on its existing retirement plans.

*Average bonus interest rate for retirement fund under Exide Best Years Plans over last 8 years. Interest rate declaration is subject to the performance of the fund. Past performance is not an indication of future performance.

3. Flexibility

This plan offers multiple flexibilities to help you plan your retirement as per your convenience.

a.                   Top-Up Premium: In addition to the regular premium, you can pay an additional amount during the policy term** to ensure your retirement fund grows faster.

2. Premium Payment Options :

·         Choose from Regular, Limited or Single Payment options.

·         Choose to pay premium monthly or annually.

·         Choose to decrease or increase the premium payment term by keeping the premium amount same.

c.       Postponement of retirement age: You may postpone your retirement age** depending upon change in your retirement planning.

4. Guaranteed Vesting Benefit

On completion of vesting term, you will get Guaranteed Vesting Benefit which is higher of:

·         Gross premiums including top-up premiums compounded @ 1% p.a., or

·         Individual pension account (IPA) value.

You may commute up to 1/3rd of the maturity amount tax free in cash and use the balance to purchase annuity from Exide Life Insurance to ensure a monthly income for your life time.

5. Loyalty Benefit

All premium allocation charges deducted are refunded to your Individual Pension Account on vesting (reaching the retirement age) once you have made a total premium payment of Rs. 4,80,000/- (does not include top-up premiums).

Tax Savings: All the premiums paid are tax free under section 80C.

Who should buy?

Those who have accumulated UK pensions & want to plan for their retirement to ensure an independent life without compromising the standard of living.

Benefit from our expertise

·         Exide Life Insurance is an established player serving over 1 million customers in India for 12 yrs.

·         The company has demonstrated a good track record in managing retirement and pension products.

·         Has delivered consistent returns by declaring an average bonus interest rate of 8.54 % p.a* over the last 8 yrs.

·         Benefit from our experience in managing a retirement corpus of INR 200 cr. under our erstwhile QROPS approved scheme Exide New Best Years

*Average bonus interest rate for retirement fund under Exide New Best Years Plans over last 8 years. Interest rate declaration is subject to the performance of the fund. Past performance is not an indication of future performance.

Key Features

Minimum / Maximum Age at Entry	18 years – 65 years
Minimum / Maximum Vesting Age	45 Years - 75 years
Vesting Term / Premium Paying Term
	Premium Payment Term	Vesting Term Allowed
	Single Pay	10-42 years
	Limited Pay: 5 – 9 years	10 years
	Limited Pay (10-41 Years) and Regular Pay	15 - 42 years
Minimum Premium for Limited Pay/ Regular Pay	Premium Payment Term Minimum Annual Premium Minimum Monthly Premium 5 – 9 years Rs. 48,000 Rs. 4,000 10 - 42 years Rs. 24,000 Rs. 2,000
Minimum Single Premium	Rs. 2,40,000
Premium Payment Frequency	Annual and Monthly modes available
Annuity Options	Guaranteed for Life

Who am I?

Let me introduce myself. I am Ravi kumarI have been working as a Financial Consultant for more than 5 years. I have been instrumental in transferring pension for over 60 professionals including Engineers & Doctors who have relocated from UK to India. 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 Exide Life Insurance Co Ltd

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.  Cell: +91 9980927393,  +91 9844519872

         Email: ravi.sampige@gmail.com