Check the recognised overseas pension schemes notification list
The following schemes in the QROPS List India June 2021 have conveyed to HMRC that they meet the conditions to be a recognised overseas pension scheme (ROPS).
QROPS List India June 2021
| ROPS | Country |
|---|---|
| Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan | India |
| Exide Life Golden Years Retirement Plan | India |
| Exide Life My Retirement Plan | India |
| Exide Life New Immediate Annuity | India |
| Exide Life New Immediate Annuity with Return of Purchase Price | India |
| Excide Life New Immediate Annuity | India |
| Exide Life Smart Pension Plan | India |
| HDFC Life Assured Pension Plan | India |
| HDFC Life Pension Guaranteed Plan | India |
| HDFC Life New Immediate Annuity Plan | India |
| HDFC Life Pension Guaranteed Plan | India |
| ICICI Pru Easy Retirement | India |
| ICICI Pru Easy Retirement SP | India |
| ICICI Pru Guaranteed Pension Plan | India |
| ICICI Pru Immediate Annuity | India |
| Kotak Lifetime Income Plan | India |
| SBI Life – Annuity Plus | India |
If you’re an Indian who has lived and worked in the UK but have now moved back or are planning to move back home to India, transferring your pension through an HMRC approved QROPS scheme is a wise financial decision. Keeping your pension in the UK means dealing with high taxes, currency fluctuations, and complex regulations. By transferring to India, you can avoid UK income tax, inheritance tax, and unnecessary foreign exchange losses. QROPS schemes offer greater investment flexibility, allowing you to grow your pension in a stable and familiar financial environment. Additionally, India’s rapidly growing economy provides better opportunities for higher returns on investments compared to the UK. With QROPS, you can secure a steady retirement income while benefiting from tax-efficient withdrawals. Take advantage of this opportunity and secure a better future back home.