Pension freedom after April 2015

New rule changes made to the QROPS legislation in the UK mean that as of April 2015 it is now possible to access 100% of your pension pot.

These new rules were introduced as part of the wide ranging changes to pensions introduced by the UK government in April 2015.

However, this flexibility only applies to Malta QROPS schemes, and not local Indian QROPS schemes, such as the Exide Life Golden Years Retirement Plan, where you are still forced to purchase an annuity with your pension fund and receive a regular monthly income.

Global advice for transferring your UK pension to a QROPS or SIPP Pension

A QROPS or SIPP international pension offer significant advantages over a UK pension. If you have permanently left the UK, or are intending to do so, then transferring your pension into a QROPS may provide a number of benefits.

All around the world, UK pension holders are taking advantage of the QROPS and UK SIPP pension legislation in order to ‘unlock’ their frozen UK pensions, release a tax free sum, optimize the returns on their pension assets, and to potentially withdraw their entire pension pot.

If have returned to India with a UK pension, or have lived and worked in the UK and moved elsewhere, then we can help you make the most of your UK pension benefits. QROPS Adviser Group have helped clients living in all four corners of the globe, including India, Australia, Canada, Qatar, Dubai and New Zealand.

Our qualified advisers will determine whether a QROPS or a SIPP transfer is right for you, and if so, guide you throughout the process, assisting you through the various steps to set up your QROPS/International SIPP pension.

How can we help?

QROPS Adviser Group has extensive experience of transferring UK pensions into various QROPS and SIPP schemes, for both residents of India and other countries.

We can help you choose the most appropriate pension scheme, and tailor the advice to your individual requirements.

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How Can I Benefit from a QROPS?

Access to 100% of your pension pot.
Under new pension rules which came into effect in April 2015, members of Malta QROPS schemes can now access their entire pension pot at the age of 55 – this means that you are free to withdraw the whole pension and use it as you wish.

Pass on your pension to your loved ones.
By transferring your pension into a QROPS scheme in Malta, your entire corpus passes to your loved ones after you pass away. Compare this with an Indian QROPS where the rules are often much stricter, and there is usually very little which passes back to your beneficiaries.

No need to ever purchase an annuity.
Pension rules in India require all pension holders to purchase an annuity with their pension fund. Annuities represent a very poor return on investment. By transferring your pension into a QROPS scheme based in Malta, there is no requirement to purchase an annuity, and can be invested as the member sees fit, enabling higher returns to be achieved.

Receive your pension free of tax.
A transfer of your UK pension into a QROPS scheme enables Indian residents to receive their pension free of tax in the UK.

Early access to your pension
If you have a public sector pension and have left the UK to go back to India, then you will have to wait until you are 60 or in some cases 65 to access your pension. With a QROPS pension you can access your pension from the age of 55.

Avoid death tax charges
Under the UK pension system, death taxes of up to 45% are still payable if the UK pension member dies after the age of 75.

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Professional and Independent QROPS Advice for Indian residents
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.

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QROPS for Indian residents
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.

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International Investment Opportunities
International Investment Opportunities

One of the key elements of a successful long term wealth management strategy is a well diversified investment portfolio – and exposure to international investments is a crucial ingredient of that diversification process.

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