Check the recognised overseas pension schemes notification list
The following schemes in the QROPS List India October 2023 have conveyed to HMRC that they meet the conditions to be a recognised overseas pension scheme (ROPS).
QROPS List India October 2023
| ROPS | Country |
|---|---|
| Bajaj Allianz Life Guaranteed Pension Goal | India |
| Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya 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 |
| HDFC Life Smart Pension Plan | India |
| HDFC Life Smart Pension Plus | India |
| HDFC Life Systematic Pension Plan | India |
| ICICI Pru Easy Retirement | India |
| ICICI Pru Easy Retirement SP | India |
| ICICI Pru Guaranteed Pension Plan | India |
| Kotak Assured Pension Plan | India |
| Kotak Lifetime Income Plan | India |
| LIC’s Jeevan Akshay — VII | India |
| LIC’s New Jeevan Shanti | India |
| Max Life Guaranteed Lifetime Income Fund | India |
| SBI Life — Smart Annuity Plus | India |
| Tata AIA Life Insurance Fortune Guarantee Pension | India |
| Tata AIA Life Insurance Saral Pension | India |
| Tata AIA Life Insurance Smart Annuity Plan | India |
Changes made for India on 1 September 2023
| ROPS | Change |
|---|---|
| Max Life Guaranteed Lifetime Income Fund | 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 growing economy and higher potential returns on investments, your pension can work harder for you.