Albert Einstein once famously said, “everything should be made as simple as possible, but not simpler.”
If one of the most advanced thinkers to have ever be born believes in simplicity, it has to be something that we all need in our lives. If you live in India and have accumulated a pension in the UK, the complexities associated with managing that pension fund is the opposite of what Einstein is talking about here. These complexities include keeping track of taxes and regulations in two different countries, dealing with fluctuating currency exchange rates, and a 55% death tax in case of your demise.
On the other hand, not only are taxes and money management services a lot cheaper in India but there’s also no such thing as a death tax so your next of kin can enjoy the entire benefit of your pension without the government sweeping up more than half of it. Additionally. Having your pension in the same country that you live in makes it a lot more accessible and saves both time and money which are precious commodities.
Unlike the UK economy that has been stagnating for a while, India offers a number of investment opportunities ranging from high-risk, high-reward equity schemes to low-risk schemes with guaranteed interest rates of up to 10.5%.
How do I know if I’m eligible to transfer my pension fund from the UK to India?
Am I eligible to transfer my pension fund to India?
Anyone having contributed to a Registered Pension Scheme in the UK can transfer their pension fund to India through QROPS. This includes Occupational, Final salary, Defined benefit, Defined contribution, Self-invested personal pension, and Small self-administered scheme.
How much does it cost to transfer my pension from the UK to India?
Not only is the transfer of pension funds to approved pension schemes in India tax-free, but you also nullify any loss that would potentially be incurred due to currency exchange rates and similar complications.
For further details, contact Mr. J Noble Yuvaraj and his team of financial advisors at QROPS Direct who have been helping people transfer their pensions from the UK to India since 2008 and to the tune of over 2.5 billion INR.