QROPS IN INDIA
QROPS is a great oppurtunity for any Indian who has enrolled with a UK Pension scheme who now lives
overseas as expatriate or is planning to leave UK over the next 12 months or has already returned to India. He/She can transfer the existing Pension funds to any QROPS (Qualifying Recognised Overseas Pension Scheme)
LIC'S Jeevan Akshay-VI is the only QROPS (Qualifying Recognised Overseas Pension Scheme) available in India to transfer Pension Funds from United Kingdom to India. LIC's Jeevan Akshay-VI is the only QROPS approved by HMRC (Her Majesty's Revenue and Customs Department) in India
LIC'S JEEVAN AKSHAY-VI
Jeevan Akshay-VI is an immediate annuity plan which can be purchased by paying lump sum amount (or transferring the Pension corpus) and start receiving the annuity as early as next month itself. The annuity of the stated amount is paid under various options for the type and mode of annuities for the annuitant to choose from . The annuity is paid throughout the life of the annuitant.
To know more about Jeevan Akshay click on the link below
http://lic-bangalore.com/pension-plans/lic-jeevan-akshay.html
How to transfer the Pension to INDIA?
Transfering the Pension to India through QROPS is a very simple process where you fill in and sign the letter of authority that gives us permission to request the pension transfer on your behalf (you may have these forms already so this eliminates the next step and will speed up the process).
LIC then contacts the UK pension provider and request the current transfer value & relevant transfer forms. This will take several weeks.
Your UK Pension fund is then transferred to LIC’s JEEVAN AKSHAY VI.
