Overseas pension transfers Most UK pension plan members are able to transfer their benefits to other approved pension

schemes. Such schemes are called Qualifying Recognized Overseas Pension Schemes (QROPS). Qualifying recognised overseas pension scheme (QROPS) An investment vehicle that allows existing UK registered pension schemes to be transferred overseas for those individuals residing elsewhere. To qualify as a QROPS, a pension scheme must be officially recognized by the HMRC. A QROPS must be registered as a pension scheme recognized for tax purposes in the country where it is established and must be outside of the UK. QROPS is specifically designed to enable non-UK resident individuals or those individuals who are planning on moving overseas and who have accrued pension benefits in the UK. HMRC maintains a list of QROPS and can be accessed at the HMRC site at http://www.hmrc.gov.uk/pensionschemes/qrops.pdf Following funds are qualified for transfer 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Aegon Religare Pension Plan India Birla Sun Life Insurance Freedom 58 India Birla Sun Life Insurance Secure 58 Plan India Birla Sun LifeInsurance Flexi Secure Life retirement Plan II Flexi Secure Retirement Plan [Birla Sun Life] India IDBI Fortis Retiresurance Pension Plan India LIC's Jeevan Akshay - VI India Life Maker Pension India Max New York Life Smart Invest Pension Plus India Max New York Life Smart Invest Pension Super India Met Advantage Plus India Met Pension Plus India Quantum Solutions Employees Provident Fund Trust India

However The UK Government published regulations on 21 March 2012 that change the QROPS regime. The regulations can be found at

http://www.legislation.gov.uk/uksi/2012/884/contents/made and will take effect from 6 April 2012. Pension schemes will have to meet new conditions to be a QROPS. The list has been temporarily suspended as of midnight on 5 April 2012 and will return in an updated form by 12 April. If a pension scheme that is a QROPS on 5 April 2012 no longer meets the conditions to be a QROPS on 6 April 2012, members of that pension scheme who have already transferred their pension savings will be able to remain as members and receive a pension paid from the sums transferred without incurring additional tax charges. For details regarding QROPS Schemes in LIC contact Mrs. Medha Tendulkar, SBU - International Operations, LIC of India,Central Office, Industrial Assurance Building, Wing B, 5th Floor, J. Tata Road, Opp. Churchgate Station, MUMBAI-400 020 INDIA. Ph: +91-22-22020378, 22020383, 22020373 Fax: +91-22-22850137 e-mail: co_io@licindia.com

Regards, Srinivasan T www.modelexam.in Practice Test / Model Exams for NCFM/NISM/BCFM/CPFA Certifications