qualifying recognised overseas pension scheme (qrops)资格认可的海外养老金计划（qrops）

QROPS,What Is,Qualifying Recognized Overseas pension Scheme (QROPS).,Transferring pension Fund from UK to LICs Jeevan Akshay VI (QROPS) Immediate pension Scheme, which is the only QROPS scheme available as of now in India.,Wide: LICs immediate pension plan (Jeevan Akashy VI),It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of theannuitant. Various options are available for the type and mode of payment of annuities.,LICs JEEVAN AKSHAY- QROPS Pension scheme,LICs Jeevan Akshay is the only “Qualifying recognized overseas pension Scheme” (QROPS) available in India as of now for transferring pension corpus from UK to India. It is an immediate Annuity scheme that can be purchased by investing lump sum amount (or by transferring overseas fund). The plan provides for annuity payments of a stated amount throughout the life time of the annuitant under various options for the type & mode of annuities.,The following Options are available under the plan:,1) Type of Annuitya) Annuity payable for Life at a uniform rate.b) Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive.c) Annuity for life with return of purchase price on death of the annuitant.d) Annuity payable for life increasing at a simple rate of 3% P.Ae) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. P.T.O,f) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime ondeath of the annuitantg) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life timeon death of annuitant. The purchase price will be returned on the death of last survivor.Customer can choose any one of the above mentioned options.,Mode :,Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Customer can opt any modeof payment of Annuity.Features of the scheme:a) Premium is to be paid in a Lump sum( Pension fund transferred).b) Minimum purchase price should be Rs 100,000c) No medical examination Requiredd) There is no maximum limits for purchase price, annuity e.t.c .,e) Entry age: minimum 30 years completed & maximum 85 years completed.f) Age proof mandatoryNote: If purchase price is Rs 2.50 lakh or above, customer is eligible to receive higher amount of annuity due to available incentives.,QROPS: QROPS stands for Qualifying Recognized Overseas pension SchemeAny Individual enrolled with a UK pension scheme who either now lives overseas as an expatriate or is planning to leave UK over the next 12 months or any Indian who has returned to India can now transfer his / her existing pension provisions into a Qualifying Recognized Overseas Pensions Scheme (QROPS).In order to receive QROPS status, the scheme must be recognized as a pension scheme and should meet the rules of the jurisdiction that it is situated.The scheme must be recognized and meet the Her Majestys Customs & Revenue (HMRC) rules in the UK relating to how and when benefits can be taken, along with defined reporting requirements prior to the member becoming non UK tax resident.P.T.O,The qualifying scheme must be outside the UK. The local Jurisdiction will set out how the QROPS is structured. However, most QROPS are structured in a similar way to UK pensions, that is, a pension administrator (pension provider) manages the pension fund on the clients behalf, and must be based outside UK. Any UK registered Pension schemes can be transferred to a QROPS, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it. Any NRI/PIO who has a UK registered pension scheme or any Indian who has some accumulations into UK pension scheme can move their pension into a QROPS.,Pension Fund Transfer to INDIA from UK - QROPSs Summary LICs Jeevan Akshay VI is the one and only QROPS approved scheme in INDIA now. .The reference number of the scheme is QROPS500885.QROPS PENSION FUND TRANSFER is a company to company transfer under the strict regulations of HMRC, UK. You can enjoy guaranteed pension from the Govt of India owned Insurance Company, LIC OF INDIA.The minimum age at entry for QROPS PENSION FUND TRANSFER is 39. LICs Jeevan Akshay VI is an Immediate Annuity Plan - Annuity starts as early as the next month. Its a Single premium plan : Pay - Once - Enjoy - Forever After receiving lifetime guaranteed pension, the entire fund will be handover to your nominee (100% tax free). Free from Inheritance tax.There is also an option to give 100% pension to the spouse.Pension from LICs Jeevan Akshay VI is 100 % guaranteed, and not linked with share market.,Discover if transferring your British based pensions to an HMRC approved QROPS could be right for you,Discover The Benefits of QROPS PensionsIn April 2006 it became possible for British expatriates to move their British based private and occupational pensions to a UK HMRC approved QROPS, and benefit from all the associated advantages that such a scheme can provide.QROPS is an acronym that stands for qualifying recognised overseas pension scheme. These are pensions that the British government and HM Revenue and Customs have deemed appropriate and acceptable vehicles for expatriates to utilise. Therefore if youre living, working or retired outside the UK, you can in theory transfer your British pension into such a QROP scheme.,P.T.O,The reasons for potentially doing so are manifold. For instance, when youre no longer tax resident in the UK you lose the right to receive tax relief on any British pension contributions that you make. Clearly this makes many onshore pensions less suitable for expats. Its usually at this point that QROPS become very attractive solutions for those who are living abroad and still working and especially for those who have retired or who are planning to retire abroad.If youre potentially interested in transferring your pension, you are strongly advised not to move it to a QROPS until you have left the UK. There are significant potential tax advantages available to doing the transfer in this order.What You Need To Know About QROPSQROPS are pension schemes set up outside the UK that have to be regulated as pension schemes in the country in which they are established. They also have to be recognised for tax purposes in the country in which they are established. That said, a QROP scheme may however, whilst still complying with the above rules, be established in a country that taxes pensions at a minimal rate, or even at 0% in some circumstances.,P.T.O,In order to be an eligible scheme, the QROPS must be fully approved by HMRC in the UK.An individual, for whom it is deemed advantageous and beneficial, can transfer their existing UK pension schemes (apart from their State pension) into a QROPS structure. This may suit expats who have recently moved to live and work abroad for the long-term, and who were previously saving into a UK pension and enjoying tax relief for example. It can also suit those who know they will move or remain abroad into their retirement, or those who are already retired abroad but not yet receiving an income from their pension.What Are The Benefits Of QROPS?If you retire abroad and are drawing a UK based pension, the income you receive will remain subject to UK income tax unless youre living in a country with a double tax treaty with the UK that contains legislation specifically about pensions.If you reside in a country with no double tax treaty with the UK, you may even be subject to a higher tax rate on your pension than the top rate of tax in the UK. This is naturally far from ideal however, if you transfer your UK pension to a QROPS, if tax is due on your pension income it is only due in your new country of residence.,P.T.O,Naturally, if youre planning on retiring to a low tax country or one that does not tax pension income, you could potentially enjoy your entire retirement income free of tax imagine how much further your income will take you in retirement if it is taxed less.A QROPS also removes the requirement on you to purchase an annuity with your pension pot, or to pay a UK tax charge on death. This can mean that you can leave your entire unspent pension fund to your beneficiaries free of inheritance tax. In addition to this, throughout the life of your pension you have much greater investment freedom with a QROPS.You can also take a tax-free lump sum, and you can access both onshore and offshore funds as well as the highest fixed deposit rates, and enjoy total diversification with this type of retirement savings scheme.Finally, depending on the jurisdiction in which you choose your QROPS, you may be able to gain protection against possible future creditors and you may be able to gain greater confidentiality when it comes to the management of your money.,P.T.O,QROPS are clearly highly beneficial to many people, and the question has been asked will QROPS remain this attractive forever? The answer is no one knows how future legislation changes may affect QROPS, but the fact is that right now QROPS are proving to be of massive significant benefit to many British expatriates. So whilst the window of opportunity for you is well and truly open right now, you owe it to your retirement incomes potential to explore whether a QROPS could be the right thing for your pension.Remember that once your pension is transferred out of the UK, it will no longer be affected by the ever-changing UK pension laws.Secure A Better Retirement Abroad With Our Free Personal QROPS Pensions Analysis ServiceTo receive your personalised and free UK pension vs. QROPS analysis and comparison report, produced by a fully qualified pensions expert, complete the form on the left hand side. You can specify exactly how you would like to be contacted. You have nothing to lose and a potentially much wealthier and secure retirement to gain.,Pension Fund Transfer Process from UK to a QROPS in India- Step by Step Guide The following are the common Steps to be followed in order to initiate transfer of UK-based pension scheme to a QROPS in India.Step 1:Obtain a transfer value for your UK Pension (check with your Annual Pension statement)Step 2:Identify the targeted Indian Pension Scheme, that it is registered with HMRC UK.Step 3:Contact your UK Pension house to get the pension transfer documents i.e outside UKStep 4:Complete the transfer paperwork.Step 5:Contact the respective Life Insurance Company in India and send the pension transfer documents to them.Step 6:Life Insurance Company shall send you the completed documents back to you in UK.Step 7:Once you receive the documents, you would need to submit it with the UK Pension house, who shall do a check to ensure that all is rightly filled.Step 8:Once all in place, your UK Pension shall be closed and funds shall be sent via Wire Transfer to your Life Insurance Company.,FAQ on QROPS Transfer1)Who can do a QROPS transfer?If you have left the UK or intend to leave you can transfer your pension using a QROPS. All pensions are transferrable, including public sector pensions (i.e. doctors, teachers and nurses). Both British and non-British citizens can transfer their pensions.2)Who can move their pension into a QROPS?Any NRI/PIO who has a UK registered pension scheme or any Indian, who has some accumulations into UK pension scheme.3)How long does it take to transfer my UK pension fund to a QROPS?The process will normally take between six weeks to two months. However, where the transfer is from an occupational pension scheme the process will take longer.4)What types of pension can be transferred to a QROPS?Any UK registered pension schemes are acceptable, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it.,5)Can I transfer more than one pension into a QROPS?Yes, you are able to consolidate/transfer any number of pension holdings into one QROPS. This can reduce cost, administrative burden and create scope for improved investment management.6)What is the minimum amount that can be transferred into a QROPS?It appears that there is is no minimum amount as per pension regulations in the UK. However you are advised to check with your pension scheme administrator in the UK on the same and the tax implications if any.7)What about taxation of QROPS?The one third amounts from the corpus can be withdrawn as a tax free income and rest of the amount has to be used to purchase an annuity. Apart from choosing an annuity product with us, you also have the option to choose annuity product from other life insurers in India at the time of vesting age. Annuity will be added into your income and will be taxed accordingly. Please note that tax benefits are subject to change from time to time. You are advised to consult a tax practitioner to understand the tax implications at the time of transfer to the QROPS.8)What happens to your QROPS in event of death?Because you are not required to buy an annuity, it means that should you die with remaining funds, all these remaining funds can be passed on to your beneficiaries, and not be subject to usual UK taxes.,9)Why to transfer your QROPS India (Or QROPS Benefits)?For those intending to retire out of the UK, a QROPS can provide significant benefits.A typical UK pension scheme (both private and public) will see the pension reduced by 50% on death of the pension holder. QROPS places the pension in trust beneficiaries will have access to the whole pension pot, i.e. 100%.A UK pension is liable to income tax, regardless of your residence. This could be as high as 50% of your annual pension entitlement. A QROPS transfer can reduce your income tax liability to ZERO. The pension is 100% YOURS.In some circumstances your UK pension will be liable for a 35% inheritance tax. After age 75 this tax becomes 82%. A QROPS transfer will make your pension inheritance tax free. Your beneficiaries will enjoy 100% of the pension proceeds.Other benefits include:a)The ability to take a 25% tax free lump sum at retirement.b)The removal of annuity purchase.c)Investment and currency choice freedom.,10)What is the 5 year rule?For the first 5 full tax years that the member is non UK resident the Trustees must report any payments made to the member of a QROPs, for this period the scheme must act in the same way as a UK pension scheme.11)What happens if I return to the UK?The QROPS scheme can stay as it is however the reporting requirement will start again and the scheme will become subject to UK taxes once more. It may be possible to transfer to a QNUPs to retain some of the benefits of a non UK pension scheme.12)If I have bought an insurance company annuity, can I still transfer to a QROPS?No, you must transfer to a QROPS before you buy an annuity. If you are taking a pension “drawdown” from the fund, you can still transfer it.13)Can I transfer my state pension into a QROPS?No, QROPS is for private pension schemes only.14)What lump sum can I take?At least 25%, some will allow 30%, a few will allow more, in most jurisdictions at least 70% must be used to pay a pension.15)Can I invest in Residential Property?No, UK tax relieved funds can never be used to invest in Residential Property.,Choosing the right QROPSYou are free to choose any scheme thats appropriate to your circumstances rather than restricting yourself to local schemes. For instance, if you are currently living in Singapore but planning to retire to Thailand, you could still choose a QROPS administered in the Isle of Man (the jurisdiction). However, you should choose your jurisdiction carefully, to ensure that their local rules fit in with your needs.You will only avoid a UK tax bill if the overseas scheme is a QROPS. That means it meets HMRC rules in the UK. The rules are as follows. At least 70% of the funds transferred to your QROPS must be used to provide you with an income for life. The scheme administrator will inform HMRC if you take any money out of the scheme while you are still a UK tax resident, or within the first five tax years after you have moved permanently abroad. The scheme must be recognized in the jurisdiction as a pension scheme and be open to local resident there.If you transfer your pension pot to an overseas pension scheme that is not a QROPS, certainly HMRC would consider it an unauthorized transfer, and you would have to pay HMRC up to 70% of the value of your pension. The QROPS will combine the local rules with the UKs QROPS requirements. Typically, if these rules differ, the stricter ones will apply. One can also consolidate several UK pension schemes into a single QROPS. So it will make record keeping easier and also saves from paying multiple administration costs.,Comparison of benefits between QROPS and a UK based Pension scheme (QROPS vs UK based Pension scheme),1) UK-based scheme: Designed for UK residents, so if you are based overseas it can be hard to access UK pensions expertise.QROPS: Whereas QROPS designed for a more transient population, and international advisers are more familiar with them. 2) UK-based scheme: Most investments are held in sterling, so payments are affected by exchange rate fluctuations and currency conversion charges.QROPS: Whereas in QROPS, you can invest in most currencies, and choose to receive payments in your local currency.3) UK-based scheme: You can choose to retire at any age from 55 onwards.QROPS: Most schemes allow the same flexibility as the UK, but local rules may differ.4) UK-based scheme: Most UK schemes allow you to withdraw a lump sum of up to 25% of the pension fund