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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.


[email protected]

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?

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.

HDFC Life QROPS Plans

HDFC Life New Immediate Annuity Plan

A traditional Retirement Plan with guaranteed returns1

UIN: 101N084V21

KEY FEATURES
  • Get GuaranteedIncome 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.

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 charges.4
  • 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

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?

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 (Only for Customers 55 years and above)
  3. HDFC Life Pension Guaranteed Plan
  4. HDFC Life Assured Pension Plan

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 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).

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 not yet applied to purchase any QROPS. For this transfer you need to submit following documents.

  1. Request letter for the change.
  2. Revised QROPS Customer Declaration
  3. APSS263, with new product details
  4. APSS262, with new product details

For details on tax efficiency of your pension pot transfer through QROPS please get in touch with a qualified tax consultant

Through HDFC Life New Immediate Annuity Plan

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]

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

  2. Death Benefit is available under select plan options only. Please refer product brochure for details.

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

  4. 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.

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

  6. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

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

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

 

ARN: EU/07/21/24470