You can now transfer your UK pension to India and move your pension out of the UK tax net before Brexit. If you are moving back to India, if you are already living in India or you are looking to retire in India, QROPS Specialists can help transfer your UK pension into a pension plan in Rupees in India, where your pension will be paid into your local bank account in India.
QROPS Specialists is working with one of the largest life insurance companies in India. If you have worked in the UK before and paid into a pension plan, we can now move your pension into a life company in India and reinvest your pounds into a pension plan in India in Rupees.
Non-Resident Indians (NRI’s) can move their UK pension(s) offshore to India and transfer their pensions out of the UK before Brexit. The UK government are still not sure if there will be an exit tax on UK pensions after Brexit. Under current HMRC taxation rules, there is 0% exit tax if you want to transfer your UK pension to India.
Many Indian nationals have worked in the UK before, many in telecommunications, finance, engineers, medical practitioners or transport workers in the UK. Whilst working in the United Kingdom, pension benefits may accrue via employers’ occupational or personal pension schemes.
Indian nationals who have worked in the UK can transfer their pensions to India via a Qualifying Recognised Overseas Pension Scheme (QROPS) in order to avoid UK taxes on their pension. This enables them to pass their entire pension onto their loved ones rather than face up to 45% tax on death in the UK in old age.
A transfer also gets their pension out of the UK tax net, so there is no UK income tax on their pension schemes when they draw their retirement benefits in India. This also means that future UK tax changes will not affect their pensions as they will have already transferred out and tax rules are “grand-fathered”, i.e. the tax rules are locked in.
UK pensions are transferred to trustees in Mumbai, who will manage your new pension pot in Rupees.
You can read more information here: http://www.qropsspecialists.com/transfer-pension-india/