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.
How Can I Benefit from a QROPS?
Independent and Professional Advice
A QROPS is much more than just a pension, but a big part of your accumulated wealth. Getting the right advice can mean a much more comfortable retirement. We can help ensure that you make the right decision about your UK pension.
Leave a Legacy for Future Generations
Once of the most valuable benefits of a QROPS scheme for Indian residents is the ability to pass on your pension fund to your loved ones after you have passed away, and avoid paying UK inheritance tax.
NHS Pension Transfers
If you have worked for the NHS and have retired or left the UK to live in India, then you may have built up valuable pension benefits. We can advise you on the best course of action to take in order to fully maximise your NHS pension.