Member’s who applied to get their NHS pensions transferred to a QROPS based in India , Australia etc., and got their transfer applications rejected, can now get their pensions transferred to an alternative QROPS in Malta, Gibraltar etc., before the deadline of 31st, January 2016.

NHS Pensions  has refused to allow  transferring pensions to QROPS in India & QROPS in Australia  for many reasons. For example, NHS refused to transfer pensions to many Australian QROPS, since those schemes were being de-listed from HMRC’s QROPS list as those schemes are no longer meeting new HMRC’s conditions i.e, effective from 6^th, April 2015. NHS also refusing to allow transferring pensions to QROPS in India despite the schemes are still being listed on HMRC’s website as a Recognised Overseas Pension Scheme (‘ROPS’) as  NHS interprets  rules of these schemes are also as not in line with new HMRC’s conditions that is effective from 6^th, April 2015.

Member’s had  applied to transfer their NHS pensions to QROPS in India, Australia etc., in good faith, as it was their understanding that the schemes met all the relevant conditions of a ‘ROPS’, including the pension benefit age test. However, if NHS interpretation of these rules are different, Or applied schemes got de-listed all of a sudden, then member’s  must be permitted to make arrangements to transfer their pensions to an alternative scheme which is acceptable to the NHS.

There is a good news for those aggrieved clients who desperately wants to transfer their NHS pensions to QROPS overseas. The department of health(UK) has recently agreed that members who had returned their fully completed option forms prior to the 6^th, April 2015 and subsequently had their chosen scheme removed from the list(also refused to allow transferring pensions to QROPS despite the schemes are still being listed on HMRC’s website as ‘ROPS’ as in the case of QROPS in India)can now select a scheme that meets all of the current legislative requirements of a ROPS as set out by the HMRC, including the new ‘Pension Benefit Age Test’ alternatively and get their pensions transferred .

But here is a catch. Those who wish to transfer their NHS Pension to an alternative scheme, they need  to put request before NHS immediately via email & and they need to  fill required forms  which is sent by NHS . The fully completed required forms need to be returned to NHS via the post before the 31^st January 2016. NHS has set deadline of 31^st , January 2016 to return fully completed forms.

The Centaurus Retirement Benefit Scheme, based in Malta (hereinafter referred to as the ‘Centaurus Scheme’) meets all of the current legislative requirements of a ROPS as set out by the HMRC, including the new ‘Pension Benefit Age Test’, and also that NHS has recently permitted transfers out to this scheme.

For One’s information Centaurus Scheme is also a defined contribution scheme, and that pursuant to the Pensions Act 2015, transfers from unfunded public sector schemes are restricted, except to other defined benefit schemes. However, since Member’s records shows  that the full set of pension transfer documents, as required by NHS, were submitted to the NHS in good time to meet the April 6 2015 deadline, and therefore there is no reason that this transfer to the Centaurus Scheme should not proceed.

Those member’s who applied to get their NHS pensions transferred to a QROPS based in India , Australia etc.,  and got their transfer applications rejected, can now get their pensions transferred to a QROPS in Malta, Gibraltar etc., before the deadline of 31^st, January 2016.

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

Ravi K

Financial Consultant

QROPS Adviser Group

M +91  9844519872,  +91  9980927393

Email:  qropstoindia@gmail.com

www.qropsadviser.net