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HDFC Life QROPS

Having pension fund in the UK and looking for an option of investing it through a QROPS?

You can achieve this by facilitating your fund transfer through HDFC Life QROPS solutions.

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HDFC Life QROPS

What is QROPS?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon What is QROPS?

For individuals who have spent a significant part of their career working in the UK and are now planning to retire and return to India, managing their pension becomes a key concern. There are two primary options: either leave the pension in the UK or transfer it to India. The latter option can be facilitated through QROPS (Qualifying Recognised Overseas Pension Scheme).

QROPS provides a means to transfer a UK pension to India, simplifying the management of retirement funds while residing in India. This option helps avoid potential challenges related to exchange rates, tax implications, and the complexities of managing a pension in a foreign country. In essence, QROPS offers a way to bring a pension home, ensuring a smoother retirement experience.

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So, what exactly is QROPS?

what exactly is QROPS?

QROPS stands for Qualifying Recognized Overseas Pension Scheme. It is an arrangement that is authorized by HMRC (HM Revenue and Customs) for all the expats to transfer their pension pots lying in UK to their native country once they leave UK. Simply put, QROPS enables you to get your UK pension transferred to India.

The UK Registered Pension Scheme entitles expats to receive annuity plan benefits in their new country of residence. Alternatively, QROPS allows people to enjoy annuity plan benefits back in India in a tax-effective manner. Additionally, there are several options available, so you can find the annuity plan that suits your needs. This has made QROPS a preferred choice of retirement plan for NRIs who plan to return home after retirement.

Over the last few decades, the percentage of people relocating to the UK in search of a better career has gradually been increasing. Working there till retirement and then coming back to India with a handsome savings corpus is showing an increasing trend. In turn, the preference of getting the UK pension transferred to India is becoming a popular practice. No wonder, QROPS is showing a wider preference trend.

Retirement is something that needs to be well planned so that all your earnings get properly invested and wholesome returns are ensured. This is immensely important to ensure a comfortable life with no financial struggles. Therefore, if you need to choose QROPS as your retirement plan, it’s always helpful to evaluate your decision from a financial advisor’s perspective and act accordingly. It’s also a wiser bet to know the benefits of the plan beforehand and compare it with other available options before you take the final call.

Benefits of QROPS

Any investment plan is worth a detailed evaluation before you decide to take the plunge. And for that, you need to know all the benefits that the plan can bring to you. QROPS is no exception. So, let us now check what are the advantages if you decide to transfer your UK pension into an Indian QROPS. Let us keep comparing it with the UK Pension scheme to help you understand better and take a well thought decision. 

Tax Benefits

Tax Benefits

QROPS is widely considered as a tax efficient option of transferring such pension fund into a desired product. Kindly refer to www.hmrc.gov.uk for details on tax applicability. The company does not offer tax advice and hence you are encouraged to consult an independent tax advisor for applicability of tax benefits when pension fund is transferred to QROPS.

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Easier to manage

Easier to manage

QROPS allows merging more than one UK retirement fund into a single consolidated fund. This in turn ensures better and easier management, maximised growth, lesser overall fees and one point of contact for fund management making the process hassle-free and more profitable.

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Fund Growth

Fund Growth

Opportunity to gain from exposure to emerging market and growth potential of the Indian economy by investing into India-specific funds. There is a potential to earn higher returns if invested in Indian pension product as compared to UK pension funds. This is particularly important for returning NRIs who are likely to have expenses in Indian rupees and be exposed to local cost inflation post retirement.

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Immune to Exchange Rate Fluctuations

Immune to Exchange Rate Fluctuations

Avoid currency exchange rate fluctuations - If you have a UK pension you will receive payments in Pound Sterling. If you live abroad, these are subject to exchange rate fluctuations which can seriously affect the amount you receive in your local currency from one month to the next. A QROPS can help to ease these problems.

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HDFC Life QROPS Plans

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Points to remember before making QROPS transfer?

A pension scheme or a retirement investment plan needs to be carefully chosen as it involves not just your hard-earned money but the financial future of your retired life. So, while you are considering choosing QROPS, just knowing its benefits is not enough. Here you also need to know how the pension transfer works in QROPS. Let us do the groundwork for the same. 
1

The first step to any financial decision is always proper guidance from a qualified person. So, if you are planning to go for QROPS, it’s crucial to do the same. Talk to your financial advisor both in the UK and in the country where your QROPS is located. This is immensely important as your money will get transferred from the UK to a fund in another country. So knowing the pros, cons and the detailed process beforehand is essential.

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2

Before you pick your QROPS and initiate the process, do ensure that it is an approved foreign pension scheme. Staying unaware and thereby landing in a soup is never a good idea. 

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3

Know your plan well and also check if your UK pension authorities are okay with an international transfer to the said QROPS. Otherwise, the whole exercise can go futile and jeopardize your retirement plans.

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4

It’s important to check beforehand whether you can make a fund transfer. Also initiating the transfer procedure requires some paperwork or online documentation. Fill up the forms and submit them, to begin with the transfer process.

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5

While deciding on whether to go for QROPS, it’s important to understand that some pension transfers take longer time to process, compared to others. Patience is the key here. Also, you can always talk in detail to your plan provider to understand the length of the transfer process when you choose your QROPS.

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Process of transfer

Depending on what plan you choose, QROP transfer can be lengthy or quick. Nevertheless, to avoid unnecessary delay or complications, the required information and relevant documents from the existing pension provider should reach the financial advisor as soon as possible. If you are an expat, planning to go for QROPS, it’ll be surely useful to know the steps of the process of transfer and the time required at each level.
1
1

First week

Submit an enquiry. Alongside the advisor will have to send a letter of authority to communicate with your current pension provider on your behalf. 

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2
2

2-4 weeks

Email or fax the letter of authority and send the original document. The existing pension provider will be contacted for confirmation of the fund value and to check whether the pension fund is eligible for international transfer or not. 

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3
3

5-8 weeks

You as an expat need to choose the jurisdiction of the financial adviser and complete the application procedure by filling up forms and submitting the necessary documents. Based on that, a discharge form will reach your existing pension provider and an application form will be sent to your QROPS provider. 

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4
4

Final stage

Once all the relevant formalities are completed, your UK pension will get transferred into QROPS, enabling you to get tax-efficient income in your preferred currency and a wide range of investment options to choose from.  

Completing all the steps and opting for the investment option that suits you best, your hard-earned money from the UK is now at your disposal to ensure you a worry-free retired life. Now all you need is to enjoy a life of your choice.  

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Applicable Fees

Applicable Fees

Unlike to many other countries, we at HDFC Life offers best service to our customers. There are hardly any fees involved in the entire process of QROPS transfer. However, customer will be charged applicable fee based on his selection of plan in which he wishes to transfer his corpus.

Let us tell you all about QROPS

1 What is QROPS?

A pension scheme which is administered outside the UK and is registered with HMRC (Her Majesty’s Revenue & Customs). QROPS facilitates easy and convenient pension fund transfer from the United Kingdom.

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

2 Why do you need QROPS?

You can opt for QROPS if you have accumulated a pension fund in the UK and wish to transfer the same to India, in a tax efficient retirement product registered as QROPS with HMRC.

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

3 How will QROPS help you?

QROPS helps in following ways:

 

  1. Tax Efficient transfer of your pension pot accumulated in the UK to India.
  2. Provides steady income for you post retirement in India.
  3. Allows your funds with a growth opportunity in India.

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

4 How to start QROPS transfer process?

The steps are as follows:

 

  1. Register yourself with HDFC Life for QROPS transfer.  
  2. Obtain Statement of Account, Transfer Payout Form & Life Time Allowance from the Fund House
  3. Submission of Fund House Docs, KYC, HMRC Forms & Customer Declaration to HDFC Life, post choice of QROPS Scheme
  4. QROPS Transfer application from HDFC Life to UK Fund House
  5. Transfer of funds from UK Fund House to HDFC Life
  6. Login of New Business Plan

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

5 Who can apply for QROPS transfer?

To apply for QROPS transfer following criteria should be met :

 

  1. You should have pension pot in UK
  2. Your resident status should be Indian/PIO/OCI/NRI or foreign national residing in India (This is subject to prevailing underwriting rules of HDFC Life at the time of initiating the transfer).

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

6 What documents are required to initiate the pension fund transfer?

Documents required by fund house:

 

  1. Fund statement issued by fund house
  2. Overseas transfer application, part of fund statement issued by fund house
  3. HMRC form APSS263
  4. Passport copy (few fund house insist for original documents for verification)

Documents required by HDFC Life (receiving scheme):

 

  1. Customer declaration
  2. Latest photograph of customer
  3. KYC documents ID and address proof
  4.  Cancelled cheque copy


The Fund House in the UK may ask for other documents depending on their processes/requirements

Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.

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FAQ's

1 What is Her Majesty’s Revenue & Customs (HMRC)?

UK ’s tax authority responsible for making money available to fund the UK’s public services and for helping families and individuals with targeted financial support.

2 When can you opt for QROPS?

You can opt for QROPS if you have accumulated a pension fund in the UK and wish to transfer the same to India, in a tax efficient retirement product registered as QROPS with HMRC

3 How to start QROPS transfer process?

  1. Register yourself with HDFC Life for QROPS transfer
  2. Obtain Statement of Account, Transfer Payout Form & Life Time Allowance from the Fund House
  3. Submission of Fund House Docs, KYC, HMRC Forms & Customer Declaration to HDFC Life, post choice of QROPS Scheme
  4. QROPS Transfer application from HDFC Life to UK Fund House
  5. Transfer of funds from UK Fund House to HDFC Life
  6. Login of New Business Plan

4 Who can apply for QROPS transfer?

To apply for QROPS transfer following criteria should be met

 

  1. You should have pension pot in UK
  2. Your resident status should be Indian/PIO/OCI/NRI or foreign national residing in India (This is subject to prevailing underwriting rules of HDFC Life at the time of initiating the transfer)

5 Is it mandatory to have pension pot in the United Kingdom to initiate the QROPS process?

Yes, you should have pension fund accumulated in the United Kingdom. This pension pot is maintained by a Fund House in U.K. In case you are not aware of your fund house, please do get in touch with you employer, they would inform you about your fund house

6 Which products of HDFC Life are registered with HMRC as QROPS?

Following are the list of pension products which are registered as QROPS with HMRC:
1. HDFC Life Click 2 Retire
2. HDFC Life New Immediate Annuity Plan
3. HDFC Life Pension Guaranteed Plan
4. HDFC Life Assured Pension Plan
5. HDFC Life Smart Pension Plan
6. HDFC Life Guaranteed Pension Plan
7. HDFC Life Smart Pension Plus
8. HDFC Life Systematic Pension Plan

The list of products recognized by HMRC can be viewed here.

7 What documents are required to initiate the pension fund transfer?

Documents required by fund house:

 

  1. Fund statement issued by fund house
  2. Overseas transfer application, part of fund statement issued by fund house
  3. HMRC form APSS263
  4. Passport copy (few fund house insist for original documents for verification)

 

Documents required by HDFC Life (receiving scheme ):

 

  1. Customer declaration
  2. Latest photograph of customer
  3. KYC documents ID and address proof
  4. Cancelled cheque copy

The Fund House in the UK may ask for other documents depending on their processes/requirements

8 How many other registered QROPS operate in India?

The list of Indian QROPS is available on HMRC website which is revised every fortnightly basis. It can be referred for checking the status of any QROPS across globe.

9 How much time is taken by UK based fund houses for transferring the pension fund?

The TAT for fund transfer is controlled by fund house. On an average it takes them 2 to 3 months to transfer the funds once they receive the complete set of documents. However, this may take more time if they raise further requirements. As per UK regulations they are bound to transfer the fund within 6 months from the date of receiving complete application for Fund Transfer

10 Is it mandatory to have HDFC bank account to get annuity processed or pension payout?

No, it is not mandatory to have HDFC bank account. You may use any other bank account for annuity processed and pension payout.

11 Having processed all documents for fund transfer, what is the next step?

Once the application is received by UK fund house, they would process it as per their TAT. You can get in touch with the fund house to enquire about the status of their application.

12 What will be currency conversion rate applied on my pension pot?

There could be 2 scenario for currency conversion:

 

  1. Conversion is done by banker of UK fund house and INR amount is transferred to HDFC Life.
  2. GBP amount is transferred to HDFC Bank (banker of HDFC Life) and currency conversion is done by HDFC Bank.

 

In either of the scenarios, HDFC Life does not play any role in currency conversion rates

13 What tax implication may arise due to the transfer?

HDFC Life will not be in position to offer tax advisory. It is always advisable to take independent opinion from a qualified tax consultant on tax related queries.

14 I have UK based private pension plan which I want to transfer to India, can I also do the transfer?

Yes, any pension fund in UK regulated/governed by HMRC has the option to transfer fund to any QROPS. Your UK based fund house is in the best position to advise whether transfer would be QROPS transfer or an overseas transfer

15 What is the minimum amount which can be transferred?

There is no lower cap defined for transfer of pension fund through QROPS. However, receiving scheme can have minimum investment amount. Like HDFC Life products have minimum premium amount. In case the transferred amount is less than the minimum amount member would need to add INR amount to the transferred amount for investing in the chosen QROPS solution by HDFC Life

16 What is the maximum amount which can be transferred?

There is no maximum limit on the transfer nor on the investment amount with HDFC Life.

17 I had applied for my fund statement with UK fund house, which I have received now. Please guide me for further action required to initiate the transfer?

You need to now get in touch with our representative and initiate the request for fund transfer by sending the documents. Please register your self on HDFC Life QROPS Page, and our advisor would get in touch with you

18 Can I partially invest amount in pension plan with HDFC life and withdraw the remaining fund?

No, once the funds are transferred to HDFC Life, entire amount need to be utilized to purchase a QROPS.

19 What is the difference between CETV request and fund transfer request?

CETV request is sent to fund house requesting for the fund statement (this normally applies for initiating transfers from NHS. Once the fund statement is received, again request for fund transfer need to be sent to fund house. So basic difference between both processes is that in the first process fund house sends fund statement, however, in the second they send the fund (if all documents are furnished and in place).

20 Once my fund is transferred, can I change the product opted at initial stage?

Yes, you may change the product after fund is received but it should be HMRC approved QROPS Scheme

If you have any further queries on QROPS, please contact us at [email protected]

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Disclaimers

  1. The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.

  2. Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year. Subject to policy being in force and all due premiums being paid. Conditions Apply.

  3. Loyalty addition would be added to the fund starting from 10 Policy Anniversary for the other than ‘Single Premium’ policies paying Annualized Premium of ₹ 1,00,000 at least and for all the Single Premium paying policies.

  4. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.

  5. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws

  6. Provided all due premiums have been paid.

  1. The age mentioned is the age as per the last birthday.

# Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax lsiabilities under the Income-tax law.

ARN: PP/09/24/15952