Check the recognised overseas pension schemes notification list
The following schemes in the QROPS List India July 2021 have conveyed to HMRC that they meet the conditions to be a recognised overseas pension scheme (ROPS).
QROPS List India July 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 Click 2 Retire | 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 Assured Pension Plan | India |
| Kotak Lifetime Income Plan | India |
| SBI Life – Annuity Plus | India |
Changes for India at 1 July 2021
| ROPS name | Change |
|---|---|
| Kotak Assured Pension Plan | Added |
If you’ve lived and worked in the UK but are now moving back to India, transferring your pension through a QROPS-approved scheme is a smart financial move. Keeping your pension in the UK can lead to high taxes, currency conversion losses, and complex regulations. By transferring to India, you can avoid UK income tax and inheritance tax while benefiting from a more favorable financial environment. QROPS-approved schemes also provide greater flexibility, allowing you to manage your pension in a way that suits your retirement goals. With India’s rapidly growing economy and comparatively higher potential returns, transferring your pension ensures financial security, tax efficiency, and most importantly, peace of mind as you settle back at home.