Advantage NRIs/PIOs after Rupee fall by transferring their UK pensions to a QROPS in India

The rupee has fallen to the extent of about 24% in the last four months. It’s no doubt if policy makers gone sleepless. But for NRI’s/PIO’s  it has created a golden opportunity to earn significantly higher value for their foreign exchange and at the same time park money in India. Still there is no agreement as to where the rupee would stabilize.

While USD stands at Rs 62 over INR, One British sterling equals to almost 100 today. That means 100,000 GBP is equal to 1,00,00000 INR. For an NRI who would have got Rs 54 Lakh for 100,000 USD four months ago, he will now get  INR 67 lakh now. As mentioned above Since 100,000 GBP equals to 1,00,00000 INR, this gives great opportunity for UK NRI/PIO/OCI card holders to make most of this increased Exchange rate by transferring their accumulated UK pensions to a ‘Qualifying Recognised Overseas Pension Scheme (QROPS) in India. 

Indian professionals do contribute to UK pensions through their UK employers to avail various financial benefits including tax benefits in UK. India based UK professionals like engineers/accountants/finance professionals had been continuously  contributing to UK registered Pension schemes through their employers. The accumulated pensions range from 2000 GBP 200,000 GBP.

But professionals like doctors had been contributing to NHS pensions for relatively long time than any other India based professionals. The accumulated pension Corpus for doctors range between 25,000 GBP to 400000 GBP. HM Revenue & Customs of UK recognizes few pension schemes in India  as ‘Qualifying Recognised Overseas Pension Scheme(QROPS) & issued acceptance letters to the respective Insurance Companies as a proof of recognizing few pension scheme as QROPS. The QROPS program was launched on 6 April 2006 as a part of new legislation with the objective of simplifying pensions. 

At current rupee levels and with the sluggish conditions in many markets that are expected to remain for the next few months NRI’s/POI’s who accumulated UK pensions could possibly benefit substantially by transferring their UK pensions to QROPS in India. Especially India based UK doctors could possibly benefit substantially by transferring their NHS pensions to a QROPS in India. 

FOR STARTING UP OF THE TRANSFER PROCESS CONTACT :

Anusuya .R

Financial Advisor

SBI Life Insurance Co Ltd,

# 23, Yamuna Complex,

1st Floor, 7th Cross, Malleswaram 
Bangalore: 560003.

M +91  9980927393

Email:  qropstoindia@gmail.com