What is QROPS?
A QROPS (Qualifying Recognised
Overseas Pension Scheme) is a way of moving your UK 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 LIC's Jeevan Akshay-V1 scheme?
It is an immediate annuity plan, in which you
start receiving pensions as soon as your UK pensions transferred & LIC's pension policy
commences in India. You will receive pensions till your life time. In the
event of a mishap, your spouse or other nominated beneficiary will get entire
transferred corpus back as tax free lump sum. Or you can choose an Annuity
Option that makes provision for life time pensions for your nominated
beneficiary on your demise. In addition there are still eight alternative
Annuity Options to choose from.
What
are the steps involved in the pension transfer?
Step1: Mandate to
UK Pensioner requesting to dispatch CETV to QROPS Scheme Manager.
Step2 : On
receipt of set of forms (CETV) from UK Pensioner, the QROPS Scheme Manager will
be returning them duly filled with the required details to UK pensions
authorities.
Step 3: UK
Pensioner will be transferring the Corpus directly to LIC’s bank Account
through Wire Transfer, under intimation to the client.
Step 4: On
receiving the Corpus to LIC 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: Jeevan
AkshayV1 Policy will be completed instantaneously, which gives the client
unabated guaranteed life time income immediately .
Step 8: Finally
the Client will receive a communication from UK Pensioner over post confirming
the transfer of UK pensions to LIC’s Jeevan Akshay V1.
Case illustration
Client 1: Mr A, 35 year
old Software Professional, worked in the UK for 7 years as a Sr Staff Design
Engineer and contributed into the UK
pensions with One of the UK pensioners.
He left the UK & settled in India for good. Now he was in a quandary as to
how to deal with his UK pension rights. With his authority, we obtained the
relevant information from UK Pensions authority 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.
After completion of the transfers now Mr A is receiving Guaranteed immediate
Pension of Rs 5,69,600(INR) per annum from LIC’s Jeevan Akshay V1 pension
Scheme. He could receive this amount either annually, half yearly, quarterly or
monthly. In addition, there will be no liability to UK Inheritance Tax and his
nominated beneficiaries will receive the entire transferred fund direct on his
demise, with no requirement for probate.
Client 2: Dr B, 45 year old Paediatrician Worked in Scotland & England and
contributed to both NHS pensions in England & SPPA(Scotland Public Pension
Agency) in Scotland. Now She had left
both UK & Scotland but still working in Singapore. 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 Pensioners 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
NHS & SPPA to One LIC’s Jeevan Akshay V1 Pension scheme. Now Dr B is receiving Guaranteed immediate Pensions of Rs
9,33,000(INR) from LIC’s Jeevan Akshay V1 pension Scheme for the above
mentioned pensions Corpus transferred. In addition, there will be no liability
to UK Inheritance Tax and his nominated beneficiaries will receive the entire
transferred Funds direct on his demise, with no requirement for probate.
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 UK pension scheme while being in UK. With his authority, we
initiated Transfer process & successful in transferring his UK pension
rights to LIC’s Jeevan Akshay V1 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 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 LIC.
Documents needed
1. Jeevan Akshay application form
2. Two Passport size colour photos
3. PAN card photocopy
4. Address proof in India (Utility bills/ Bank
Statement/ Ration card, Letter from bank etc..)
5. A Cancelled Cheque Leaf
Who am I?
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. 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 Advisor (Code:
02777603), Life Insurance Corporation Of India
Off: Civil Station East branch
(C.B-5-603), Ground floor, Oriental building, M.G Road, Bangalore-560 001.Cell: +91 9844519872, +91 9980927393
Email: ravi.sampige@gmail.com
Email: ravi.sampige@gmail.com
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