You can achieve this by facilitating your fund transfer through HDFC Life QROPS solutions.
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.
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.
QROPS helps in following ways:
Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.
The steps are as follows:
Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.
To apply for QROPS transfer following criteria should be met :
Note: The process/ KYC documents needed are subject to changes and on the discretion of HDFC Life/ Fund house.
Documents required by fund house:
Documents required by HDFC Life (receiving scheme):
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.
Give your Pensions bright future that they deserve with our QROPS Solution
A traditional Retirement Plan with guaranteed returns1
UIN: 101N084V31
Get Guaranteed1 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 illness.3
Choose your payout frequency– monthly, quarterly, half-yearly, or yearly.
In this policy,the investment risks in the investment portfolio is borne by the policyholder
A market linked retirement plan ideal to set your goals, if you are an early starter.
UIN: 101L108V04
An unit linked pension plan with assured vesting benefits.
Start your Retirement Plan at as low as ₹ 2,000 per month.
Option to start as early as 18 years.8
Avail Tax Benefits as per the prevailing tax laws.5
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.
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
To apply for QROPS transfer following criteria should be met
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
Following are the list of pension products which are registered as QROPS with HMRC:
1. HDFC Life Click 2 Retire (UIN: 101L108V04)
2. HDFC Life New Immediate Annuity Plan (UIN: 101N084V28) (Only for Customers 55 years and above)
3. HDFC Life Pension Guaranteed Plan (UIN: 101N118V11)
4. HDFC Life Assured Pension Plan (UIN: 101L109V05)
5. HDFC Life Smart Pension Plan (UIN: 101L164V01 ) (Only for Customers 55 years and above)
The list of products recognized by HMRC can be viewed here.
Documents required by fund house:
Documents required by HDFC Life (receiving scheme ):
The Fund House in the UK may ask for other documents depending on their processes/requirements
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.
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
No, it is not mandatory to have HDFC bank account. You may use any other bank account for annuity processed and pension payout.
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.
There could be 2 scenario for currency conversion:
In either of the scenarios, HDFC Life does not play any role in currency conversion rates
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.
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
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
There is no maximum limit on the transfer nor on the investment amount with HDFC Life.
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
No, once the funds are transferred to HDFC Life, entire amount need to be utilized to purchase a QROPS.
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 basis 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).
Yes, you may change the product after fund is received but not yet applied to purchase any QROPS. For this transfer you need to submit following documents.
1 For details on tax efficiency of your pension pot transfer through QROPS please get in touch with a qualified tax consultant
2 Through HDFC Life New Immediate Annuity Plan
3 Through HDFC Life Pension Plans
For more details on risk factors, terms and conditions, kindly consult our Financial Consultant before taking a decision.
If you have any further queries on QROPS, please contact us at [email protected]
The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
Death Benefit is available under select plan options only. Please refer product brochure for details.
Available only under ‘Life Annuity with Return of Purchase Price on diagnosis of Critical Illness’ option
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.
As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws
Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.
The age mentioned is the age as per the last birthday.
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 : EU/07/22/28294
