Who can do a QROPS transfer?
If you have left the UK or intend to leave you can transfer your pension using a QROPS. All pensions are transferrable, including public sector pensions (i.e. doctors, teachers and nurses). Both British and non-British citizens can transfer their pensions

Who can move their pension into a QROPS?
Any NRI/PIO who has a UK registered pension scheme or any Indian, who has some accumulations into UK pension scheme.

How long does it take to transfer my UK pension fund to a QROPS?
The process will normally take between six weeks to two months. However, where the transfer is from an occupational pension scheme the process will take longer.

What types of pension can be transferred to a QROPS?
Any UK registered pension schemes are acceptable, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it.

Can I transfer more than one pension into a QROPS?
Yes, you are able to consolidate/transfer any number of pension holdings into one QROPS. This can reduce cost, administrative burden and create scope for improved investment management.

What is the minimum amount that can be transferred into a QROPS?
It appears that there is is no minimum amount as per pension regulations in the UK. However you are advised to check with your pension scheme administrator in the UK on the same and the tax implications if any.

What about taxation of QROPS?
The one third amount from the corpus can be withdrawn as a tax free income and rest of the amount has to be used to purchase an annuity. Apart from choosing an annuity product with us, you also have the option to choose annuity product from other life insurers in India at the time of vesting age. Annuity will be added into your income and will be taxed accordingly. Please note that tax benefits are subject to change from time to time. You are advised to consult a tax practitioner to understand the tax implications at the time of transfer to the QROPS.

What happens to your QROPS in event of death?
Because you are not required to buy an annuity, it means that should you die with remaining funds, all these remaining funds can be passed on to your beneficiaries, and not be subject to usual UK taxes.

Why to transfer your QROPS India (Or QROPS Benefits)?
For those intending to retire out of the UK, a QROPS can provide significant benefits.
A typical UK pension scheme (both private and public) will see the pension reduced by 50% on death of the pension holder. QROPS places the pension in trust – beneficiaries will have access to the whole pension pot, i.e. 100%.
A UK pension is liable to income tax, regardless of your residence. This could be as high as 50% of your annual pension entitlement. A QROPS transfer can reduce your income tax liability to ZERO. The pension is 100% YOURS.
In some circumstances your UK pension will be liable for a 35% inheritance tax. After age 75 this tax becomes 82%. A QROPS transfer will make your pension inheritance tax free. Your beneficiaries will enjoy 100% of the pension proceeds.

Other benefits include:
  1. The ability to take a 25% tax free lump sum at retirement.
  2. The removal of annuity purchase.
  3. Investment and currency choice freedom.