What is QROPS?
Indians who have worked in UK might have made some regular contribution from their income towards a pension fund. Now if they plan to move out of UK, the UK Government allows transfer of their pension funds tax free to pension schemes in India registered as QROPS.
QROPS stands for Qualifying Recognized Overseas Pension Scheme . It refers to overseas pension schemes which have been approved by Her Majesty's Revenues and Customs (HMRC), UK for transferring a UK pension fund 'tax free' to any other country. HMRC is the government body in UK that collects and administers taxes. Learn more about QROPS from Exide Life Insurance
5 Reasons you should consider moving your pension funds from UK to India
Who Should Buy?
- Any Indian who has contributed to a pension fund (other than National Insurance Contributions) in UK and has either moved out or is planning to relocate outside of UK.
- Only non-active pension funds can be transferred.