What is QROPS and How to Transfer Overseas UK Pension to India?

QROPS or Qualifying Recognised Overseas Pension Scheme is a fund-transfer scheme which helps Non Resident Indians (NRIs) transfer their UK-registered pension corpus to India in a tax-effective manner. This is because transfer of UK pension funds to an Indian pension fund through QROPS allows NRIs to access low tax rates as per UK Government Actuarial Department (GAD) rules. This effectively helps NRIs transfer a larger portion of their accumulated retirement corpus to an Indian pension scheme, so that higher annuity payout is possible.

QROPS has proved to be highly beneficial for expats moving out of the country and has become one of the most popular means of transfer of UK pension funds to pension plans in India. Let’s know about the key advantages of QROPS:

The popularity of QROPS compliant pension plans in India is growing as there is significantly large number of NRIs who are working in the United Kingdom and a number of them are returning or can plan their return in the future. While not all pension plans available in India are compliant with UK QROPS rules and Axis Max Life Insurance currently offers 3 UK QROPS-compliant pension plans to NRIs:

**1. Axis Max Life Guaranteed Lifetime Income Plan (UIN: 104N076V21)**

This is a non-linked non-participating Individual General annuity Savings plan which offers guaranteed and regular income post retirement.

**2. Axis Max Life Smart Guaranteed Pension Plan (UIN: 104N122V15)**

This is a Non-linked, Non-Participating, Single Premium Individual/Group General Annuity Plan that can provide regular income after retirement. This annuity plan is PFRDA-recognised and also available to NPS (National Pension System) subscribers in India

This is a Unit-Linked* Non-Participating Individual Pension Plan which offers the benefit of life cover along with market-linked returns for added financial security during your golden years.

**4. Axis Max Life Smart Wealth Annuity Guaranteed (SWAG) Pension Plan (UIN: 104N137V06)**

This is A Non-Linked, Non-Participating Individual/Group General Annuity Savings Plan where investors have option to customize their policy by choosing suitable annuity options. The high degree of customisation is designed to help individuals stay on track to reach various financial goals.

You can choose to transfer your UK-based pension fund into any of these UK QROPS-compliant Axis Max Life Insurance pension plans easily and get regular post-retirement income in India. *Disclaimer: IN THE UNIT LINKED POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

The following can be considered as the basic rules and regulations for using the QROP scheme. This list also serves as the primary QROPS eligibility criteria:

• The applicant must be between 18 and 75 years of age
• No withdrawal of funds from UK pension fund has been made in the past 5 years
• Must have active UK-based pension fund(s)
• The applicant has either left UK or is planning to do so in the coming 1 year (with valid proof)

To make a QROPS transfer, first of all make sure that you have read all the rules and regulations of the plan you have chosen and that you fulfill all eligibility criteria. Also note that this QROPS transfer process can take up to 5-8 weeks.

The following is a list of documents required for transferring UK pension fund to an Indian pension scheme under QROPS:

• Copy of passport
• Residence proof (in UK and India)
• Overseas transfer fund application (properly filled and duly signed)
• HMRC Form APSS263
• Fund statement from the current UK pension fund provider
• Declaration by the policyholder/beneficiary
• Nominee details
• Cancelled cheque
• Latest photograph of beneficiary
•  Know Your Customer (KYC) documents (as per pension provider in India)

Note: The above is illustrative and additional documents may be required by applicable authorities as per updated regulations and on a case by case basis.