Check the recognised overseas pension schemes notification list
The following schemes in the QROPS List India March 2024 have conveyed to HMRC that they meet the conditions to be a recognised overseas pension scheme (ROPS).
QROPS List India March 2024
| 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 Guaranteed Pension Plan | 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 Forever Young Pension Plan | India |
| Max Life Guaranteed Lifetime Income Plan | India |
| Max Life Smart Guaranteed Pension Plan | India |
| Max Life Smart Wealth Annuity Guaranteed Pension Plan | 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 26 February 2024
| ROPS | Change | |
|---|---|---|
| Max Life Smart Wealth Annuity Guaranteed Pension Plan | India | Added |
NRIs moving back to India should transfer their UK pensions through QROPS for better tax efficiency, investment control, and higher returns. Unlike UK pensions, QROPS avoids UK inheritance tax, provides currency stability, and offers greater flexibility in managing retirement funds. With India’s fast-growing economy and favorable pension schemes, an HMRC approved QROPS transfer not only ensures financial security and steady income for retirement but also maximizes growth opportunities.