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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 (w.e.f 6th April 2012) 1. Aegon Religare Pension Plan 2. Aviva Pension Builder 3. Birla Sun Life Insurance Freedom 58 4. Birla Sun Life Insurance Secure 58 Plan 5. Birla Sun LifeInsurance Flexi Secure Life retirement Plan II 6. Flexi Secure Retirement Plan [Birla Sun Life] 7. IDBI Federal Retiresurance Guranteed Pension Plan 8. IDBI Federal Retiresurance Milestone Pension Plan 9. IDBI Fortis Retiresurance Pension Plan 10.LIC's Jeevan Akshay - VI 11.Life Maker Pension 12.Max New York Life Smart Invest Pension Plus 13.Max New York Life Smart Invest Pension Super 14.Met Advantage Plus 15.Met Pension Plus 16.New Best Years 17.Quantum Solutions Employees Provident Fund Trust 18.Smart Invest Pension

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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

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