Thursday, February 27, 2014

UK PENSION TRANSFER TO HDFC LIFE

Here is a great opportunity for Indians to transfer their UK Pension to ROPS (Recognized Overseas Pension Plan).

As per HMRC list of ROPS, HDFC Life has registered five Pension Schemes in October 2013.

https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications
HDFC Life Guaranteed Pension Plan
HDFC Life New Immediate Annuity Plan
HDFC Life Pension Super Plus
HDFC Life Personal Pension Plus
HDFC Life Single Premium Pension Super

Out of the above 5 plans, two plans are suitable, depending upon your retirement needs. If you are looking for an immediate pension, then HDFC Life New Immediate Annuity Plan will be suitable. Guaranteed pension for life and capital refund for the nominee. Pension will be given at a rate of 7.1% to 8.2%, depending upon the option you choose.

If you want to transfer your UK Pension Fund to India however want to deffer your pensions until your retirement age (for ex. 60), then HDFC Life Single Premium Pension Super will be ideal for you. Your money gets invested in this plan and grows as per the fund performance. At the time of retirement, you can withdraw upto 33% lumsum as tax free and remaining amount will be used to get pensions through annuity plan.

Please refer to the Example for HDFC Life - QROPS, under this blog.


Get an independent and unbiased advice on QROPS with no obligation
For more details please feel free to contact us.


Saurav Dutta (consultant) :Ph +91-9891910578.  

Pushpa Priya (Sr.consultant) : Ph  +91-9891910569.

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Option 1 : HDFC Life New Immediate Annuity Plan

Mr. Kumar, is 57 years old, worked in the UK for 8 years, accumulated a pension pot of  £100,000. He wants to retire in India, hence he transferred his pension to HDFC Life New Immediate Annuity Plan. The amount got converted to Indian Rupees. Considering an exchange rate of £1= 100. This amount became 1 crore.

One time govt. service tax of only 3% deducted and rest 97 lacs got invested in the plan. Mr. Kumar started getting pension of 7,80,000 p.a. This amount is fixed and guaranteed for lifetime, there after Mrs. Kumar will receive the same amount of pension, throughout her life. The capital of 97 lacs with we refunded back to their nominee.

Note : There are other options available in this plan, please refer to the product brochure for details.

Option 2: HDFC Life Single Premium Pension Super

Mr.Gupta, is 47 years old, worked with in the UK for 10 years and now working in India. He has got a pension value of  £100,000. He wanted to transfer this fund to India, however did not want to take immediate pensions. Hence he transferred his pension fund to HDFC Life Single Premium Pension Super.  The amount got converted to Indian Rupees. Considering an exchange rate of £1= 100. This amount became 1 crore.

He choose a policy term of 10 years, hence his money will grow as per the fund performance. Assuming a net average interest 7.5% p.a., Dr.Gupta will have a corpus of ₹2 crore, at the age of 57. He will be able withdraw upto 1/3rd of the amount as tax free and the remaining 2/3rd will be transferred to HDFC Life New Immediate Annuity Plan, through which he will start getting his pensions (refer option 1).

Note: Please refer to the brochure for charges and other details.

Get an independent and unbiased advice on QROPS with no obligation
For more details please feel free to contact us.

Saurav Dutta (consultant) : Ph +91-9891  910578.  Email :  saurav.dutta.qrops@gmail.com
  

UK PENSION TRANSFER TO QROPS

Overseas QROPS for Indians

Anyone who has worked in the UK and now have moved to India or any other country can transfer their UK Pension funds to QROPS (Qualifying Recognized Overseas Pension Scheme).

It is a mis-conception for many Indians, who think that they should do an Indian QROPS only. Many a times an overseas QROPS is more beneficial than a QROPS in India. The best jurisdiction for Indians should ideally be Gibraltar and Malta.

How it Works?

Your Pension provider will release the CETV(Cash Equivalent Transfer Value) to the established trustees based in Malta, Gibraltar, Isle of Mann. These are known as international tax heavens. Your money is not invested in these countries. These jurisdictions are used by the companies to get tax relief.

Next step - The trustee will release the money to the Fund House chosen by you. for example : Skandia International, Royal London 360, Cornhill Management etc. These are some of the internationally renowned fund houses.

You get an open option to invest into Shares, Mutual Funds, Bonds, Fixed Income, ETFs ect. depending upon your own risk profile. Here you can choose and change your investments from time to time.

Further, you also have the option to invest in different currencies like USD, GBP, EUR, YEN etc. hence you get the advantage of rupee depreciation. As you already know rupee depreciated against pounds by 26% in last one year.

At the age of 55 years, you will be able draw 30% of the total fund as tax free and rest 70% you can buy an annuity plan to get the pensions or you can start a pension draw down from your fund itself. You can also transfer the entire fund to an annuity plan in India.



Get an independent and unbiased advice on QROPS with no obligation

For more details please feel free to contact us.



Saurav Dutta (consultant) :Ph +91-9891910578.  
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UK PENSION TRANSFER - INDIA / OVERSEAS

Anyone who has worked in the UK and now have moved to India or any other country can transfer their UK Pension funds to QROPS (Qualifying Recognized Overseas Pension Scheme).

Please Note : Due to major changes in the UK Pension system in April 2015, HMRC has stopped the transfer of NHS Pensions and other Civil Services pensions to QROPS.

What are the advantages of doing a QROPS.

Ø No UK Tax liability.
Ø Early retirement i.e. before 60 years.
Ø Full Pension for Spouse and Capital Refund for Children/Nominee.
Ø No inheritance tax/death tax of 55%.
Ø Transparency on your investment and charges.

QROPS  options for Indians who have worked in the UK and for British Expats :-

Overseas QROPS :-
QROPS Jurisdictions :  Gibraltar, Malta, Isle of Man.
Trustee Options :  STM, Sovereign, Castle, Momentum.     
Investment Options : Skandia International, Royal London 360, Cornhill Management.

Indian QROPS :-
HDFC Life – Pension Plans.
Exide Life – Golden Years Retirement Plan.
Max Life - Forever Young Pension Plan.

As an independent QROPS adviser we offer the following services to our clients.

Ø  Free valuation of your UK Pension Scheme.( Private Pension / NHS / Other Civil Services )
Ø  Complete paperwork and documentation.
Ø  Send documents to the UK.
Ø  Successful transfer of your funds to QROPS.
Ø  Quarterly review of your QROPS Scheme.



Get an independent and unbiased advice on QROPS with no obligation
For more details please feel free to contact us.


Saurav Dutta (consultant) :Ph +91-9891910578.  


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