UK Pensions Transfer Process for Engineers/Doctors e.t.c relocating from UK

What is QROPS?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is a way of moving your UK pension arrangements to a scheme administered outside the UK, which is more flexible & easily accessible for people who have retired abroad or are planning to do so.

What is SBI Life Annuity plus Pension scheme?

It is an immediate annuity plan, in which you start receiving pensions as soon as your UK pensions transferred & SBI pension policy commences in India. You will receive pensions till your life time. In the event of a mishap, your spouse or other nominated beneficiary will get entire transferred corpus back as tax free lump sum. Or you can choose an Annuity Option that makes provision for life time pensions for your nominated beneficiary on your demise. In addition there are still alternative Annuity Options to choose from.

Case illustration(these are the actual case examples of Drs whom I have helped transfer pension from UK) 

Client 1: Dr A, 35 year old physician, worked in the UK for 7 years as a SHO and SpR and a year as a consultant and contributed into the UK pensions. He left the UK & settled in India for good. Now he was in a quandary as to how to deal with his UK pension rights. With his authority, we obtained the relevant information from UK Pensions authority and the total amount accumulated was in excess of£80,000. It became apparent considering the impact of UK Inheritance tax rules as well as few other important factors which increased the likelihood of a transfer to a QROPS in India being in his best interest.After completion of the transfers now Dr A is receiving Guaranteed immediate Pension of Rs 5,69,600(INR) per annum from SBI Life Annuity Plus pension Scheme. He could receive this amount either annually, half yearly, quarterly or monthly. In addition, there will be no liability to UK Inheritance Tax and his nominated beneficiaries will receive the entire transferred fund direct on his demise, with no requirement for probate.

Client 2: Dr B, 42 year old Paediatrician, worked in Scotland & England and contributed to both UK pensions in England and in the Scotland . After leaving the UK, she is working in Singapore and intends to settle down in India after retirement. Dr B wanted to transfer her both UK Pension rights to a QROPS in India. With her authority, we approached both UK pensioner & Scotland Pensioner & obtained the relevant information from both the Pensioners 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 the Pensioners to one SBI Life Annuity Plus Pension scheme. Now Dr B is receiving Guaranteed immediate Pensions of Rs 9,36,000(INR) per annum for the above mentioned pensions Corpus transferred.

Client 3: Dr C, who is currently in the UK, wants to relocate to India after 3 months. He wanted to take advantage of the high £ (GBP) value(Current Exchange rate) and opted out of UK pension scheme while being in UK. With his authority, we initiated a transfer process & were successful in transferring his UK pension rights to SBI Life Annuity Plus Pension Scheme. Whilst he is in the UK, he is able to take advantage of the inflated 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.

 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 SBI Life.

 Documents needed

1.       SBI Life application form

2.       Two Passport size

colour photos

3.       PAN card photocopy

4.       Address proof in India (Utility bills/ Bank Statement/ Ration card, Letter from bank etc..)

5.  A cancelled cheque leaf           

6) OCI/PIO copy (if obtained)

FOR MORE DETAILS & STARTING UP OF THE TRANSFER PROCESS CONTACT:

Anusuya .R

Financial Advisor

SBI Life Insurance Company Ltd, # 23, Yamuna Complex,

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

M +91  9844519872

Email:  qropstoindia@gmail.com.