Charles Darwin once famously said, “a man who dares to waste one hour of time has not discovered the value of life.” This is especially true for people who are retired and living on a pension since they’ve spent their entire lives working hard to enjoy these golden days. The last thing they should have to do is spend not one, but hours and hours navigating through taxes, regulations, and foreign exchange rates of two different countries, just to access their pension fund.
Yes, if you’ve lived and worked in the UK and live in India but your pension is still over there, you can look forward to a tsunami of regulations to navigate through once it’s time for you to collect your pension. Not to mention a 45% death tax that will go to HMRC (Her Majesty’s Revenue & Customs) in the case of your unfortunate death. The good news, however, is that transferring your pension fund to India is quick and easy with a little time, diligence, and attention to detail.
If my QROPS transfer application was rejected, can I try again and how long will it take?
First things first, if your pension belongs to the following categories, you are eligible to transfer to India, and any previous rejection can be written off as human-error in context with keeping to HMRC guidelines.
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Occupational
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Final salary
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Defined benefit
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Defined contribution
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Self-invested personal pension (SIPP)
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Small self-administered scheme (SSAS)
Why have I heard that it’s quite a complicated process and most applications get rejected?
While a number of applications do get rejected due to a list of QROPS approved schemes on the HMRC website which is misleading for a number of reasons, Mr. J Noble Yuvaraj and his team of associate have been assisting pensioners to transfer their pension to India since 2008 and to the tune of over 2.5 billion INR.
Lastly, Mr. J Noble Yuvaraj and his team of financial experts are well versed with HMRC compliance and even provide training to a number of private life insurers on the subject. As far as the time period is concerned, you can expect your pension fund to be transferred to India through a QROPs approved scheme in a matter of 30 days or less.