Are you an India based UK tax resident like NRI, PIO, OCI ?
Do you want a tax benefits in UK for your pension contributions made every year & at the same are you quite worried about UK regulations on your pension Corpus accumulated, like UK may not allow transferring your UK pensions to your retiring country(for example India) like it did with NHS pensions in April 2015 ?
For your information, till 5th April 2015, those India based UK residents like doctors who have accumulated pension corpus with NHS were allowed to get their NHS pensions transferred to a QROPS in their retiring country. But, post 5th April 2015, UK stopped allowing NHS pensions transfer to a DC scheme overseas. This unexpected regulation from HMRC left many India based UK professionals disappointed who were aspiring to get their UK pensions transferred to QROPS in India on returning from UK.
Now UK based Indian professionals can directly contribute to a QOPS scheme in India while working in UK itself & at the same time, they can avail tax benefits in UK for the pension contributions made in India, thus not worrying about UK’s regulations on their pension corpus accumulated here.
We would like to provide India based UK residents with more details on this very specific opportunity for professionals like Doctors, Engineers etc. , to do your Pension contributions in a Qualified Overseas Pension Scheme ( QOPS ) and claim tax relief in UK.
In India, the pension scheme “Exide Life Golden Years Retirement Plan” is recognised by the HM Revenue & Customs as Overseas Pension Scheme ( QOPS ).
This scheme meets all the prescribed HMRC conditions to be a QOPS and therefore you can now make your pension contributions into “Exide Life Golden Years Retirement Plan” and claim the tax relief in UK.
It is important to be noted that QOPS is different from QROPS.
QOPS stands for ‘ Qualified Overseas Pension Scheme. It is used to make contributions from UK to a QOPS scheme in India & get tax relief in UK.
Whereas, QROPS stands for Qualifying Recognised Overseas Pension Scheme. QROPS is used to get your UK pensions transferred to a QROPS, for example in India.
Please look up on https://www.gov.uk/tax-on-your-private-pension for more details
Your private pension contributions are tax-free up to certain limits. This applies to most private pension schemes, like:
· workplace pensions
· personal and stakeholder pensions
· overseas pension schemes that qualify for UK tax relief – known as ‘qualifying overseas pension scheme’ QOPS
Limits to your tax-free contributions
· Your pension contributions are tax-free up to your Annual Allowance which is currently £40,000 a year
Carrying over unused allowance from previous years
· Carry over unused allowance from the earliest tax year first
· If you use all of your annual allowance for the current tax year (6 April to 5 April) you can carry over any allowance you did
not use from the previous 3 tax years.
Contributing into Exide Life Golden Years Retirement plan has many obvious advantages
· The amounts contributed by you gets invested in a Capital Guaranteed Fund
· Earn far better returns in emerging markets (India) than the developed markets
· Expected compounded net returns on invested funds of more than 7.5% per annum for the tenure of Policy
· Option to take pension income in Rupees or in a currency of your choice
· Option to choose retirement age as less as 55 years age
· Withdraw Tax-Free lump sum of up to 33% of accumulated funds any time after attaining age 55
· Take a guaranteed Pension for Life on the remaining corpus from Age 55 onwards.
· Benefit from higher interest rates in India to avail the guaranteed Pension rates of up to 7.5%
· Upon death, the entire corpus is paid to your beneficiaries as 100% tax free, while in UK, after annuitant death, beneficiaries might face huge Inheritance Tax (IHT) liability.
Attractive Returns: Proven track record of 9.66% average bonus over last 6 years in the Similar Pension Fund
Capital Guarantee: Guaranteed fund protection on the accumulated fund for a peaceful retired life
Guarantee: Minimum 5% Guaranteed rate of returns for the first 5 Policy Years
Save more: Can pay unlimited additional amounts as top ups, during the tenure of the policy which is over and above the premium
Flexibility: Can prepone or postpone your retirement age subject to age 55, flexible premium payment terms
We would be grateful if you could take some time to get in touch with us in case you have any further query.
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: +919844519872
Email: ravi.sampige@gmail.com
qropstoindia@gmail.com
Email: ravi.sampige@gmail.com
