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