Many returning Indian professionals who have worked and accrued UK pensions do not know that they can transfer their frozen UK pensions to a QROPS & enjoy tax savings and better investment returns.
A UK Pension is subject to the UK tax system:
- UK income tax rate up to 40% on pension income drawdown
- UK death tax rate of up to 55% on total pension fund, before it is passed to the beneficiaries
- Limited investment choices and only denominated in pound sterling (GBP)
If you have left the UK or intend to leave the UK permanently in future, transferring the UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS) can potentially enjoy substantial tax savings and investment flexibility.
For more visit
formatting link