SBI Life-Annuity Plus, HMRC approved 'QROPS' scheme in India

SBI Annuity Plus  is a “Qualifying Recognised Overseas pension Scheme” for company’s undertakings & for UK Purposes with effect from 11,September 2013, having its own unique reference number. SBI Life do confirm that the scheme does not ceases to be a recognized overseas pension scheme till date and the scheme still meets HMRC’s revised conditions to be a QROPS that apply from 6 April 2012. Also SBI Life confirms that, the Scheme is capable to accept pensions transfer from Recognized UK pensioner including NHS Pensions.

The scheme has notified HMRC that it is a recognized overseas pension scheme in terms of the finance act 2004 providing all suitable evidence required to HMRC. The scheme has received confirmation from HMRC that it has met all the relevant conditions under the finance act 2004 and other regulations to qualify as a Qualifying Recognised Overseas pension Scheme. Since, SBI Life- Annuity Plus is an immediate annuity traditional plan, the policy holder start receiving pensions as soon as the UK pensions transferred & pension policy commences as the feature of the scheme itself allows SBI Life  to pay immediate annuity. The scheme do pay immediate annuity as per the policy features and the same is in accordance with the regulatory rules and the payment of pension benefits (immediate annuity) as per policy features do not go against HMRC rule, since the scheme continue to pay pension benefits even after the vesting age of 55 years & till  lifetime of the annuitant . This pension scheme do not pay any Lump sum cash benefits before or after vesting age during the lifetime of the annuitant. 

As mentioned above, the pension benefits (income) will continue even after the vesting age of 55 years & till lifetime of the annuitant, as HMRC wants QROPS to pay pensions at the time of retirement of the members, since income is most required at that point of time for the members. In India, SBI Life is known for trust & customer centric approach & large number of clients have chosen SBI Life -Annuity Plus to get their UK /NHS Pensions transferred to India . SBI Life has  successfully transferred good amount of UK pension corpus & acquired large number of customers in this segment pan India.

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: 560003.

M +91  9844519872
     +91 9980927393

Email:  qropstoindia@gmail.com