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.
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