This site is all about Pension fund transfer from UK to India- Insurance planning-Retirement planning-Investment planning-Estate planning-Tax planning and a forum to express views related to Finance and Investments.
Friday, 30 March 2012
Ravi's view: Ravi's view: Now transfer your UK pension fund in...
Ravi's view: Ravi's view: Now transfer your UK pension fund in...: Ravi's view: Now transfer your UK pension fund into India : ING Life Insurance brings a great opportunity for you to transfer your UK pensio...
Saturday, 24 March 2012
Ravi's view: Now transfer your UK pension fund into India
Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...
Friday, 23 March 2012
Ravi's view: Now transfer your UK pension fund into India
Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...
Ravi's view: Now transfer your UK pension fund into India
Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...
Ravi's view: Now transfer your UK pension fund into India
Ravi's view: Now transfer your UK pension fund into India: ING Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'ING New Best Years Plan' which is listed as QR...
Thursday, 22 March 2012
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.
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
--
· Minimum entry age: 18 yrs
· Maximum entry age: 65 yrs
Vesting Age
--
· Minimum vesting age: 45 yrs
· Maximum vesting age: 75 yrs
Vesting Period
--
· 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.
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,Financial Consultant , Branch-B21, Consultant Code-60272381.
6th Floor, Centenary Bldg, MG Road, Bangalore-560001.
M +91 9844519872
Email: ravi.sampige@gmail.com
Saturday, 10 March 2012
Pensions Transfer Process for doctors relocating from UK to India
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
Friday, 9 March 2012
JOIN AS A FINANCIAL ADVISOR
As an Advisor
As an insurance advisor with ING Life, you can bring a smile to the lives of millions of people. If you have the desire to change the people's life, and in the process ,change your life for good, ING life offers you a rewarding career and unlimited earning oppertunity.
What can this oppertunity offer you ?
- Unlimited earning potential.
No limit to how much you can earn. Increase your earning potential through your efforts.
- Flexi Timings
Work as you wish. As per your convenience.
- Be your Own Boss
Set your own targets and enjoy the results of your efforts.
- Build your team
Recruit your own team and drive your targets to win exciting commissions.
- No investment
A one in a million opportunity!
- Generating guaranteed income
Up to 30 years from sale that you make today
- The ING advantage
Work with one of the world’s largest financial services group.
- Reward & Recognition
- Get instant recognition and reward for every milestone you achieve.
- Get prestigious club memberships and all paid international trips.
- Get prestigious club memberships and all paid international trips.
- Competitive commission
Highest & the longest term of commissions across the industry
- Advisor Development Program
Not a job, but a career with the organization.
- Who can become an advisor?
No matter what background you come from; housewife, teacher, businessman, working professionals like CA, CS as also retired professionals; all are successfully carving out their niche as part time or full time ING Life Insurance advisors. You can become a successful advisor with us with no investment or prior work experience.
The ING hall of fame:
- Ranked 7th in the list of global Fortune 500 companies*
- Ranked 9th in Forbes list of biggest 2000 companies**
- ING is one of the largest life insurance groups in the world
- Serving over 65million customers in more 50 countries and employing over 100,000 people.
If you are above 18 years of age with a pleasing personality, and have a dream to build a great career alongside great earnings, join the champions at ING Life.
Sign up now , to realize your dreams and enjoy the privilege of being part of a leading global financial company.
Embark on an exciting, high paying business of your own by becoming a Lifelion with ING Life. Read on to see what it takes to be an advisor with us.
Are We Looking For You?
- Minimum age 18 years old
- Preferably a graduate
- Excellent communication skills
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- Engaged in gainful business or occupation
- Willing to undergo extensive training and development programs
- A pleasing personality
For Sign up as a Financial advisor, mail/call me :
RAVI KUMAR
SALES MANAGER
CELL:9844519872
EMAIL: ravi.kumar5@inglife.co.in
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