Transfer your NHS Pension before it’s too late

It is now official – from April 2015, it will be prohibited to transfer your UK pension to a QROPS scheme.

On Monday 21 July, the UK government formally announced that transfers from unfunded public service defined benefit schemes (such as the NHS scheme) will be banned from 5 April 2015. 

Can I transfer my NHS pension to a QROPS scheme now?

Yes, the good news for NHS pension scheme members, including those resident in India, is that it is still possible to transfer your NHS pension into a QROPS scheme in India, but time is of the essence.

What is the timeframe to transfer my NHS pension to a QROPS?

Currently, the NHS scheme is taking around 3 months to process the transfer discharge papers and release the pension funds to the QROPS trustee.

Prior to this, the scheme member must obtain an up to date Cash Equivalent Transfer Value (“CETV”), which takes around 3 months.

Therefore, for a member who wishes to transfer out of the NHS scheme, they must start the process 6 months before 5 April – ie 5 October 2014.

How can we help?

QROPS Adviser Group has extensive experience of transferring pensions out of the NHS pension scheme and into QROPS schemes, for both residents of India and other countries.

We can help ensure that your NHS pension is transferred across to a suitable QROPS scheme in good time before the April 5 deadline expires.

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How Can I Benefit from a QROPS?

Would you like early access to your pension?
If you have a public sector pension such as the NHS pension scheme, and have left the UK to work or retire in India, you will have to wait until you are 60 or even 65 before you can access your pension. Many people want their pension before then – and with a QROPS you can access your pension from the age of 50.

Avoid 55% UK inheritance tax. The UK government will take 55% of your pension when you pass away – leave more for your loved ones by transferring your pension into a QROPS scheme.

Would you like to take 30% of your pension tax free?
For returning NRIs and PIOs, a transfer into a QROPS can mean a higher tax free lump sum at retirement age.

Would you like to receive your pension free of tax?
A transfer of your UK pension into a QROPS scheme can enable Indian residents to receive their pension free of tax, both in the UK and in India.

Would you like to take 30% of your pension tax free?
For returning NRIs and PIOs, a transfer into a QROPS can mean a higher tax free lump sum at retirement age.

Would you like to avoid buying an annuity?
Pension rules in both the UK and India require pension holders to purchase an annuity with their pension fund. Transfer your pension into a QROPS and have more say over your pension.

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Professional and Independent QROPS Advice for Indian residents
Independent and Professional Advice

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