NHS Pensions
has refused to allow transferring pensions to QROPS in India & QROPS
in Australia for many reasons. For example, NHS refused to transfer
pensions to many Australian QROPS, since those schemes were being de-listed
from HMRC’s QROPS list as those schemes are no longer meeting new HMRC’s
conditions i.e, effective from 6th, April 2015. NHS also refusing to
allow transferring pensions to QROPS in India despite the schemes are still
being listed on HMRC’s website as a Recognised Overseas Pension Scheme (‘ROPS’)
as NHS interprets rules of these schemes are also as not in line
with new HMRC’s conditions that is effective from 6th, April 2015.
Member’s had
applied to transfer their NHS pensions to QROPS in India, Australia etc.,
in good faith, as it was their understanding that the schemes met all the
relevant conditions of a ‘ROPS’, including the pension benefit age test.
However, if NHS interpretation of these rules are different, Or applied schemes
got de-listed all of a sudden, then member’s must be permitted to make
arrangements to transfer their pensions to an alternative scheme which is
acceptable to the NHS.
There is a
good news for those aggrieved clients who desperately wants to transfer their
NHS pensions to QROPS overseas. The department of health(UK) has recently
agreed that members who had returned their fully completed option forms prior
to the 6th, April 2015 and subsequently had their chosen scheme
removed from the list(also refused to allow transferring pensions to QROPS
despite the schemes are still being listed on HMRC’s website as ‘ROPS’ as in
the case of QROPS in India)can now select a scheme that meets all of the
current legislative requirements of a ROPS as set out by the HMRC, including
the new ‘Pension Benefit Age Test’ alternatively and get their pensions
transferred .
But here is a
catch. Those who wish to transfer their NHS Pension to an alternative scheme,
they need to put request before NHS immediately via email & and they
need to fill required forms which is sent by NHS . The fully
completed required forms need to be returned to NHS via the post before the 31st January 2016. NHS has set deadline of 31st , January 2016 to return fully completed forms.
The Centaurus
Retirement Benefit Scheme, based in Malta (hereinafter referred to as the
‘Centaurus Scheme’) meets all of the current legislative requirements of a ROPS
as set out by the HMRC, including the new ‘Pension Benefit Age Test’, and also
that NHS has recently permitted transfers out to this scheme.
For One’s
information Centaurus Scheme is also a defined contribution scheme, and that
pursuant to the Pensions Act 2015, transfers from unfunded public sector
schemes are restricted, except to other defined benefit schemes. However, since Member’s records shows that the full set of pension
transfer documents, as required by NHS, were submitted to the NHS in good time
to meet the April 6 2015 deadline, and therefore there is no reason that this
transfer to the Centaurus Scheme should not proceed.
Those
member’s who applied to get their NHS pensions transferred to a QROPS based in
India , Australia etc., and got their transfer applications rejected, can
now get their pensions transferred to a QROPS in Malta, Gibraltar etc., before
the deadline of 31st, January 2016.
FOR MORE
DETAILS & STARTING UP OF THE TRANSFER PROCESS CONTACT:
Ravi Kumar
Financial
Consultant
ALEXANDER PETER WEALTH MANAGEMENT
M +91
9844519872, +91 9980927393
Email: qropstoindia@gmail.com
http://www.alexanderpeter.com/
