India-bound UK NRIs invest big in transferable pensions

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India-bound UK NRIs invest big in transferable pensions

Indians living in Britain who intend to return home have been pouring funds into Qualified Recognised Overseas Pension Scheme, which allows taxfree transfer of UK pension fund to any other country. 
 

The scheme, popularly known as Qrops, has been approved by Her Majesty's Revenues and Customs, the government body in the UK that collects and administers taxes. 
 

Indians who have worked in the UK and made some regular contributions from their income towards a pension fund in the country can invest in Qrops of Indian insurance companies. If they plan to move out of the country, the UK government will allow transfer of their pension funds tax-free to approved pension schemes in India or other registered countries. Exide Life, HDFC Life and Max Life are three insurance companies managing fund transfers from the UK into its Qrops.