A QROPS (Qualifying Recognized Overseas Pension Scheme) is a retirement plan that allows individuals to transfer their pension savings from a UK pension scheme to an overseas pension scheme. QROPS are designed to offer more flexibility and control over how an individual’s pension savings are managed, and they can be a useful option for expats or individuals who plan to retire outside of the UK.
QROPS UK To India
There are a number of ways that we can help you with QROPS in India. Some examples include:
- Providing information and guidance on the process of transferring a UK pension to a QROPS in India.
- Assisting you in comparing different QROPS options in India and helping you choose the one that best meets your needs.
- Helping you complete the necessary paperwork and documentation to transfer your UK pension to a QROPS in India.
- Providing ongoing support and assistance in managing your QROPS in India.
If you are considering transferring your UK pension to a QROPS in India, it is important to seek professional advice to ensure that you understand the process and make informed decisions about your retirement savings. We can provide the guidance and support you need to make this process as smooth and successful as possible.
- No UK Tax liability.
- Easier to keep track of regulations.
- No loss due to foreign exchange and currency fluctuations.Retirement by age 55.
- Full Pension for Spouse and Capital Refund for Children/Nominee.
- No Inheritance tax/death tax of 55%.
- Your pension is out of the UK and at no risk of being consumed by the current pension crisis, global economic slowdown, Brexit or Market fluctuations.
- For the more cautious investors, fixed interest schemes with guaranteed interest rates of up to 10.5% are leaps and bounds ahead of what banks in the UK and EU are offering
Documents required by the fund house:
- Fund statement issued by the fund house
- Overseas transfer application, part of fund statement issued by the fund house
- HMRC form APSS263
- HMRC form APSS262
- HMRC form CA1890
Passport copy (few fund houses insist on original documents for verification)
Documents required by insurance companies (receiving scheme):
- Customer Declaration
- Latest photograph of the customer
- KYC documents ID and address proof
- Cancelled cheque copy
The Fund House in the UK may ask for other documents depending on their processes/requirements
The fund house is in charge of managing the TAT for fund transfers. Once they have the full set of documents, it typically takes them 2 to 3 months to transfer the money. If they add more demands, though, it might take longer. According to UK regulations, they must transfer the money within six months of the day they received a fully completed Fund Transfer application.
