QROPS Adviser Group – Independent Pensions Advice
QROPS Adviser.in is a specialist division of the QROPS Adviser Group and was set up with the sole aim of helping Indian residents and returning NRI’s to make the most of their UK pension benefits.
QROPS Adviser has been helping expats throughout the world to transfer their UK pensions into QROPS schemes since the legislation which created QROPS came into force in 2006. Over the years we have helped many Indian residents to safely transfer their UK pension into a QROPS scheme. In particular we have considerable knowledge and experience of NHS pension transfers.
The Requirement for Specialist QROPS Advice
In our experience of advising clients in relation to QROPS transfers in India it became apparent to us that Indian resident clients have not been served very well by advisers in India, most of whom do have little knowledge of the global QROPS market. And we have, unfortunately come across many cases where Indian residents have been wrongly advised in relation to their UK pensions.
Many Indian residents and returning NRI’s were told that they could only transfer their UK pension into a local, Indian based QROPS, such as LIC’s Jeevan Akshay VI annuity plan (which has since been delisted), or ING Vysya’s Golden Years Retirement Plan. Unfortunately for many people, these schemes are not suitable for many people, as it just provides an annuity (at very low rates), which is not what most clients want, or need. In addition, further to the changes to the UK QROPS rules which came into affect on 6 April 2015, transfers into many of these schemes is now prohibited.
Moreover, the vast majority of these so called pension ‘advisers’ were not advisers at all, but merely agents, or salesmen, selling a standard annuity product. On top of that, to make matters worse, these agents would usually only work for one insurance company, such as LIC, SBI Life, HDFC Life, ING or Met Life, and so would only offer one QROPS solution to their client.
The reality is that there are hundreds of different QROPS schemes on the market today, located in a variety of different jurisdictions, such as Malta, Gibraltar, Isle of Man and New Zealand. These different jurisdictions can offer clients a number of substantial benefits that local QROPS scheme in India cannot offer – and it is the duty of the financial adviser to consider each of these jurisdictions to determine which is the most suitable for the individual client.
For more information about transferring your UK pension into an overseas QROPS scheme, or for a FREE, no obligation consultation, please contact us.