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- QROPS is widely considered as a tax efficient option of transferring such pension fund into a desired product. Kindly refer to www.hmrc.gov.uk for details on tax applicability. The company does not offer tax advice and hence you are encouraged to consult an independent tax advisor for applicability of tax benefits when pension fund are transferred to QROPS.
- Opportunity to gain from exposure to emerging market and growth potential of the Indian economy by investing into India-specific funds. There is a potential to earn higher returns if invested in Indian pension product as compared to UK pension funds. This is particularly important for returning NRIs who are likely to have expenses in Indian rupees and be exposed to local cost inflation post retirement.
- Funds accumulated for retirement stay invested with the same objective after QROPS transfer.
- Avoid currency exchange rate fluctuations - If you have a UK pension you will receive payments in Pound Sterling. If you live abroad, these are subject to exchange rate fluctuations which can seriously affect the amount you receive in your local currency from one month to the next. A QROPS can help to ease these problems.
A person who has accumulated pension fund in the UK and desires to transfer the same to India in a tax efficient retirement product registered as QROPS with HMRC.
Currently, Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan is registered as QROPS.
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