The government-backed “unfunded” public sector schemes transfer out is legally blocked
• NHS Pension Scheme
• Teachers’ Pension Scheme
• Civil Service Pension Scheme
• Armed Forces Pension Scheme
• Police Pension Scheme
• Firefighters’ Pension Scheme
• UK State Pension (cannot be transferred under any circumstances)
Also Cannot Be Transferred:
• Any pension where you have already drawn 25% tax free lumpsum or purchased an annuity
Client Profile Mr. Ram aged 40 held a UK pension fund worth approximately ₹45 lakhs with LifeSight, a UK workplace pension provider. The Situation Mr. Ram reached out to QROPS Direct three months before his planned relocation from the UK to India. At this early stage, we advised him that the formal transfer process could […]
Check the recognized overseas pension schemes notification list: The following schemes in the QROPS List India have been conveyed to HMRC that they meet the conditions to be a recognised overseas pension scheme (ROPS). ROPS Country ABSLI Guaranteed Annuity Plus India Axis Max Life Forever Young Pension Plan India Axis Max Life Guaranteed Lifetime Income […]
Not entirely. The transfer itself is tax-free if done through an HMRC-approved QROPS scheme. Post-transfer, withdrawals are taxed under Indian income tax rules but India’s tax rates are generally more favourable than the UK’s. 2. What are the risks of QROPS? Choosing a non-HMRC-approved scheme, transferring prematurely before settling in India or using an unqualified […]
