San Francisco, CA -- (SBWIRE) -- 01/27/2015 -- After the March 2014 Budget Session, the UK government officially announced that transfer of NHS pension to QROPS in India will be banned starting from April 2015. This decision was taken after serious discussions and debates. According to reports, the ban was decided because public sector finances faced huge burden with more people choosing to transfer their NHS pension into a defined contribution scheme. QROPS came into inception in 2006 and since then it has helped a lot of Indians to unlock their frozen UK pensions.
The ban will come into effect only from 5 April 2015 which means that members still have time to transfer their UK NHS pension to QROPS scheme in India. Surveys show that thousands of Indians leave every year to work in the UK. However, most of them return to India after their retirement to settle down. In this case their NHS pension will be frozen and they would not be able to access their pension rights. The only way is to transfer it to QROPS in India, which comes with a lot of advantages. After the transfer, members will have the right to pass on their pension to their family members in case of death. Members can also take up to 30 percent tax free sum, unlike NHS pension scheme which is entitled to just 25 percent. QROPS schemes are more flexible and provide diversified investment opportunities.
Members who have plans to return back to UK do not need to transfer their NHS pension to QROPS schemes in India. For any inquiry or more information about transfer, members can contact QROPS Adviser Group for assistance. They deal with both residents of India and UK and have high experience and good contacts in transferring NHS pension schemes.
To get more information please go to http://qrops-advice.weebly.com/
This website provides complete information on how to transfer UK NHS pensions to QROPS schemes. However, this kind of transfer is said to be banned from5 April 2015.
00 44 7582 589 561