QROPS - Anyone done QROPS before for UK pensions to India

[r2del]

Anyone done QROPS before for UK pensions to India

I have a few questions
1) Recommended lump sum plan for age 35
2) Ability to do partial or full withdrawl
3) How long it takes to transfer funds
4) Exchange rate of different policies
5) How to initiate the process
6) Charges
7) Can loan be against the pension plan

Going through the list
Aegon Religare Pension Plan India; Aviva Pension Builder India; Birla Sun Life Insurance Freedom 58 India; Birla Sun Life Insurance Secure 58 Plan India; Birla Sun LifeInsurance Flexi Secure Life retirement Plan II India; Flexi Secure Retirement Plan [Birla Sun Life] India; IDBI Federal Retiresurance Guranteed Pension Plan India; IDBI Federal Retiresurance Milestone Pension Plan India; IDBI Fortis Retiresurance Pension Plan India; LIC's Jeevan Akshay - VI India Life Maker Pension India; Max New York Life Smart Invest Pension Plus India; Max New York Life Smart Invest Pension Super India; Met Advantage Plus India Met Pension Plus

Seems the Ing Smart Invest looks flexible enough

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[PolicyWala]

Don't know much about QROPS - My apologies!

ING Smart Invest - is not in the above list provided by you?

[Manish_Kumar]

Check these links - One & Two, these might answer some of your questions.

[r2del]

Thanks having read both the urls, am wondering if any one has done in before and get an idea about my queries.

Any suggestions which policy (as they are all accessible to Indian residents too) might meet my requirement of early withdrawl or possibility of taking a loan against it...

Also what is the minimum age when you can start drawing pension and the vesting period.

[r2del]

I am currently told that there is only LIC Jeevan IV policy in market for QROPS...

[Matrix]

I am currently told that there is only LIC Jeevan IV policy in market for QROPS...

Q1- Do you saying that apart from LIC, no other company is offering the below 18 pension plans?
Q2- What is the source of your information?

Qualifying Recognised Overseas Pension Schemes (QROPS) India List (Document last updated - 01/11/2012) -
1. Aegon Religare Pension Plan
2. Aviva Pension Builder
3. Birla Sun Life Insurance Freedom 58
4. Birla Sun Life Insurance Secure 58 Plan
5. Birla Sun LifeInsurance Flexi Secure Life retirement Plan II
6. Birla Sun Life Flexi Secure Retirement Plan
7. IDBI Federal Retiresurance Guranteed Pension Plan
8. IDBI Federal Retiresurance Milestone Pension Plan
9. IDBI Fortis Retiresurance Pension Plan
10. LIC's Jeevan Akshay - VI
11. Max Life Life Maker Pension
12. Max Life Smart Invest Pension
13. Max Life Smart Invest Pension Plus
14. Max Life Smart Invest Pension Super
15. Met Advantage Plus
16. Met Pension Plus
17. ING Life's New Best Years
18. Quantum Solutions Employees Provident Fund Trust

[r2del]

Yes indeed

All the policies are unavailable from early 2012 and IRDA stopped any Pension schemes.

I had contacted ING. LIC and others abt 4-months back and they were all closed.

Currently in Nov 2012 only LIC is offering Qurops complaint policy.

If this information is not correct, then please send me details of the agent offering ING/Other policies. It will be really helpful to have some competing products. I am also waiting for other policies to re-appear

[Master]

You are right r2del. At the moment, we have only one annuity plan available - LIC's Jeevan Akshay VI.

This is due to the new pension guidelines issued by IRDA - the Indian Insurance Regulator in 2010-11
1- As per the IRDA regulations (which came into force in September 2010) on pension products mandating a minimum annual guarantee of 4.5 per cent. Following that, unit-linked pension plans disappeared from the market and no new unit-linked pension products were introduced after that. Only pension plans on the traditional platform were available.
2- Consequently, in the revised guidelines, IRDA has withdrawn the 4.5 per cent guaranteed returns, but maintained there must be some guarantee element with the plan either by way of offering positive returns on premiums paid during the period of the contract, or assured maturity benefits.
3- IRDA had also asked all insurers to withdraw all existing pension plans by January 1, 2012.
4- Since November, 2011, IRDA has not approved any new pension products.

However, none of the new policies that insurance companies have filed for approval have found favour with IRDA. Apparently, the regulator has rejected all of them.

Source - BS.com & ET.com

[Master]

But this is not the end of the road, new pension plans are coming, if you could wait -

Reliance Life Insurance plans to come up with a new pension plan in coming months.

[PolicyWala]

Master - Then HMRC needs to update the above QROPS list.