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.
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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.
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
