Transfer Pensions from UK to a QROPS in India & enjoy higher benefits

Click on the link below, to know complete details of Pension fund transfer from UK to LIC’s Jeevan Akshay V1.

http://qropstoindia.blogspot.in/2012/10/lics-jeevan-akshay-qrops-pension-scheme.html?spref=fb

Any Indian/NRI/OCI/PIO  with a UK pension scheme who now lives overseas as an expatriate, or is planning to leave the UK can now transfer their existing pension provisions into a QROPS (Qualifying Recognised Overseas Pension Scheme) in India. The financial benefits can be huge, improving the investment growth, flexibility and future financial security of your pension. We advise you transfer to QROPS providers that are 100% approved by HM Revenue & Customs.

UK Pensions have traditionally been tied up in many layers of restriction & regulation; in part to

protect the tax revenues of the UK by taxing income from annuities and then taking any residual

value on death, and in part to stop pensioners spending all their money in the first 5-10 years of

retirement and then relying on the state. The good news is that those who accumulated pensions with a recognized UK pensioner and many of them  living overseas or about to move to a new life in India, some of the restrictions have now been lifted. In April 2006 it was announced that one could move their pension benefits to a QROPS with the UK revenues approval.

Like any other QROPS which have been set-up outside UK, there are QROPS that have been set-up in India also.

Ø  The QROPS in India is regulated as a pension scheme in the country.

Ø  The QROPS is recognized for tax purposes in the country

A QROPS scheme may however, while complying with the above be established in a country that taxes pensions but at a minimal rate. The real benefits come into play when you have been away from the UK for at least 5 years and do not intend to return for at least the foreseeable future. Once your pension schemes have been transferred into a QROPS, and you have been non-resident in the UK for at least 5 years, then the overseas QROPS provider no longer has to report any withdrawals or payments to the HMRC. If the QROPS provider is in a country where payments from such schemes are more tax efficient then payments can be made to you at minimal rates of tax (although you may be liable to tax on the income dependent on your country of residence at the time of receipt).

After you have been overseas for at least 5 tax years, the QROPS pension fund becomes subject only to the laws of the relevant overseas jurisdiction, and the requirement to purchase an annuity by age 75 (or be faced with a possible 82% tax charge) is no longer applicable. The normal UK minimum pension age will still normally apply of 50 / 55 before benefits can be taken. QROPS arrangements can offer considerably more flexibility, greater income potential and more investment freedom than a UK pension. And with the right advice the tax benefits can be immense.

FOR STARTING UP OF THE PROCESS CONTACT :

Anusuya .R

Financial Advisor- (Advisor Code:02747603)

Life Insurance Corporation Of India  Civil Station East Branch (C.B-5-603),  Ground Floor, Oriental building, M G Road,  Bangalore: 560001.

M +91  9980927393

Email:  qropstoindia@gmail.com