UK Pensions Transfer to a QROPS in India- SBI Life Annuity Plus as a QROPS Option

SBI Life Annuity Plus pension scheme  is an immediate Annuity scheme that can be purchased by investing lump sum amount (or by transferring overseas fund). The plan provides for annuity payments of a stated amount throughout the life time of the annuitant under various options for the type & mode of annuities.

The following Options are available under the plan:

1)    Type of Annuity

a)      Annuity payable for Life at a uniform rate.

b)      Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive.

c)       Annuity for life with return of purchase price on death of the annuitant.

d)      Annuity payable for life increasing at a simple rate of 3% P.A

e)      Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

f)       Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

g)      Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

h) Life time Income with Annual with Annual increase of 5%
 i) Life time income with Balance capital Refund
j) Lifetime income with capital refund in parts

Customer can choose any one of the above mentioned options.

Note: option once chosen cannot be altered.

Mode :

Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Customer can opt any mode of payment of Annuity.

Features of the scheme:

a)      Premium is to be paid in a Lump sum( Pension fund transferred).

b)      Minimum premium-Calculated so that the annuitant can be paid minimum annuity as per
the mode chosen

c)      No medical examination Required

d)      There is no maximum limits for purchase price, annuity e.t.c .,

e)      Entry age: minimum 40 years completed & maximum 80 years completed.

f)       Age proof mandatory

Note: If purchase price is Rs 1.50 lakh or above, customer is eligible to receive higher amount of annuity due to available incentives.

Other Important features:

Ø  Paid up value:  This policy does not acquire any paid-up value.

Ø  Surrender value: This policy does not acquire any surrender value.

Ø  Loan                    : No loan will be available under this policy

                                                

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 or any Indian who has returned to India 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 recognized 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.

·    The local Jurisdiction will set out how the QROPS is structured. However, most QROPS are structured in a similar way to UK pensions, that is, a pension administrator (pension provider) manages the pension fund on the client’s behalf, and must be based outside UK.

 ·   Any UK registered Pension schemes can be transferred to a QROPS, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it.

 ·   Any NRI/PIO who has a UK registered pension scheme or any Indian who has some accumulations into UK pension scheme can move their pension into a QROPS.

    Why should one think of Transferring pension fund   from overseas to India   ?

Because one can take pension income in Indian currency. Emerging economies like India tend to offer better returns/pensions than those offered by developed economies.

WHY SBI Life ?

SBI Life Insurance is a joint venture life insurance company between SBI, the largest state-owned banking and financial services company in India, and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26% of the capital. SBI Life Insurance has an authorized capital of ₹20 billion (US$330 million)and a paid up capital of 10 billion (US$170 million).

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.

NOTE: The service to the customers in transferring their pension fund will be given irrespective of the locations where ever they stay, like any part of India or Abroad.

FOR STARTING UP OF THE PROCESS CONTACT :

Anusuya .R

Financial Advisor, 
SBI Life Insurance Company Ltd, 
# 23, Yamuna Complex,
1st Floor, 7th Cross, Malleswaram,  

Bangalore: 560001.

M +91  9980927393
Email:  qropstoindia@gmail.com