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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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What is QROPS?

Suppose you had been working in the UK for quite a long time. Now it’s time to retire and all you want is to head straight home, back in India. But resettling back in India has its share of hassles too. The prime concern here is surely that money matters. Working in the UK has entitled you to a regular pension and you would want to enjoy that income. So, you have two choices: a) Keep the retirement pension as it is in the UK or b) Get the pension transferred to India. If the second option is your preferred bet, QROPS is surely your ideal instrument.

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So, 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 the expats to get annuity benefits in their new country of residence. Alternatively, QROPS allows people to enjoy annuity benefits back in India in a tax-effective manner. Additionally, there are a number of options to choose from, so you can find the one that is right for you and your needs. This indeed has made QROPS a preferred choice of retirement plan for the NRIs who look forward to coming back home, once they retire.

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

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.

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.

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.

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.

HDFC Life QROPS Plans

HDFC Life Pension Guaranteed Plan with deferred annuity option

HDFC Life Pension Guaranteed Plan

A single premium pension plan with single or joint life cover option to plan the financial security of 2 people

UIN: 101N118V11

KEY FEATURES
  • Choose the purchase price you wish to pay and choose the annuity amount you wish to receive.
  • Choose single or joint life insurance4.
  • Choice to increase your annuity payout anytime through Top up option.
  • Option to receive annuity monthly, quarterly, half-yearly or yearly based on your financial needs.
  • Policy loan facility available under the plan 
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HDFC Life Smart Pension Plan with deferred annuity option

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Smart Pension Plan

A plan that ensures you have a regular income and lead an independent life without compromising the standard of living after you retire

UIN: 101L164V03

Key features

  • Avail of Automatic Asset Re-balancing and Systematic Transfer strategies to safeguard your wealth against market volatilities.

  • Life insurance cover to the extent of 105% of total Premium(s) paid including top-up premium
  • To build a retirement corpus
  • Flexibility to alter vesting date and premium payment term
  • Loyalty additions11
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HDFC Life New Immediate Annuity Plan New Launch

HDFC Life New Immediate Annuity Plan

A traditional Retirement Plan with guaranteed returns1

UIN: 101N084V36

KEY FEATURES

  • Get Guaranteed2 Income during retirement at your desired frequency.

  • Benefit from higher annuity rates at purchase price of ₹ 2,50,000 or higher.

  • Get Return of Purchase Price upon death or critical illness3.

  • Choose your payout frequency– monthly, quarterly, half-yearly, or yearly.

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HDFC Life Click 2 Retire

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Click 2 Retire

A market linked retirement plan ideal to set your goals, if you are an early starter.

UIN: 101L108V04

KEY FEATURES

  • An unit linked pension plan with assured vesting benefits.

  • A plan with no premium allocation charges no policy administration charges and no exit charges4.

  • Start your Retirement Plan at as low as ₹ 2,000 per month.

  • Option to start as early as 18 years8.

  • Avail Tax Benefits as per the prevailing tax laws5.

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HDFC Life Assured Pension Plan

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Assured Pension Plan

Get higher returns for your investment through unit linked investments. This plan is ideal for you if you’re planning your retirement early.

UIN: 101L109V05

KEY FEATURES

  • Get additional benefit of loyalty additions every alternate year starting from 11th  year 6.

  • Start receiving income as early as 45 years of age onwards.

  • You can choose either a single pay or premium paying term of 8, 10 or 15 yrs, and stay invested for a policy term of your choice.

  • Secure your retirement with assured benefits and also gain from upside in the market.

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Give your Pensions bright future that they deserve with our QROPS Solution

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.

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. 

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.

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.

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.

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

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. 

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. 

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. 

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.  

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?

3 How will QROPS help you?

4 How to start QROPS transfer process?

5 Who can apply for QROPS transfer?

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

FAQS

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?

3 How to start QROPS transfer process?

4 Who can apply for QROPS transfer?

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

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

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

8 How many other registered QROPS operate in India?

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

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

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

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

13 What tax implication may arise due to the transfer?

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

15 What is the minimum amount which can be transferred?

16 What is the maximum amount which can be transferred?

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?

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

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

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

Disclaimers

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

  1. Available only under ‘Life Annuity with Return of Purchase Price on diagnosis of Critical Illness’ option

  2. No entry and exit charge mean no premium allocation and no discontinuance charge respectively. Only Fund Management & Investment Guarantee Charges as applicable under this plan.

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

  4. Provided all due premiums have been paid.

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

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

  7. 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.

ARN : MC/09/23/4693