Consider the following: You walk into your favorite restaurant with your family, the waiter smiles at you, seats you at your regular table, doesn’t waste any time getting you your starters, and makes sure everyone gets what they ordered on time. Now imagine the same dinner in the same restaurant with a waiter who’s on his first day on the job. Probably going to be a completely different experience. To be clear, we have nothing against freshers and everyone has to start somewhere. We do, however, have something against global conglomerates who would rather hire the cheapest possible employee to offer their customers cookie cutter solutions as opposed to experienced professionals with a proven track record. If you’ve lived and worked in the UK and have since moved to India, who would you rather deal with to have your pension transferred over here?
While transferring your pension from the UK to India might seem pretty straightforward, so does having a meal in a restaurant. The difference between the right person and wrong person handling your account, however, could be the difference between your application being processed or rejected. Unlike most websites that claim that all the pension schemes listed on the HMRC (Her Majesty’s Revenue and Customs) website are approved schemes, we are the only ones that acknowledge that they are all not. In fact, the HMRC site clearly states that it is the responsibility of the applicant to ensure that whichever scheme they choose meets the requirements of the HMRC. This is why it is critical to have someone who is intricately familiar with the process as well as the different variations of the process that come up when dealing with unique customer requirements.
In conclusion, living in India and handling a pension account in the UK can be complex, cumbersome, and inconvenient. Not only do you have to navigate through the tax regulations of two countries, but you also have to constantly worry about the exchange rate. Compared to the UK’s economy that has been flatlining for close to a decade, India’s economy is on the rise with some even going so far as to call it a super economy. Don’t let people convince you that it’s a long process that takes 6 months, Mr. Noble Yuvaraj J and his team of financial advisors can have your pension transferred from the UK to India in a matter of 30 days.
Am I eligible to transfer my pension fund to India?
Anyone having contributed to a Registered Pension Scheme in the UK can transfer their pension fund to India through QROPS. This includes Occupational, Final salary, Defined benefit, Defined contribution, Self-invested personal pension, and Small self-administered scheme.
Is there a penalty for transferring my pension fund to India?
No, not only is the transfer of pension funds to approved pension schemes in India tax-free, but you also nullify any loss that would potentially be incurred due to currency exchange rates and similar complications.
How do I know which schemes are HMRC-compliant?
Our team of financial experts at QROPS DIRECT are well-versed in HMRC compliance and even provide training to a number of private institutions on the subject. Please contact us to find the best compliant plan for you based on your age, vesting age, and risk profile.
For further details, get in touch with our team of financial advisors at QROPS DIRECT where we have been helping people transfer their pensions from the UK to India since 2008 and to the tune of over 2.5 billion INR.