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:
1. UK income tax rate up to 40% on pension income drawdown
2. UK death tax rate of up to 55% on total pension fund, before it is passed to the beneficiaries
3. 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.
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- posted 5 years ago