NHS/UK Pensions Transfer Process for doctors relocating from UK
What is QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is a way of moving your NHS pension arrangements to a scheme administered outside the UK,
which is more flexible & easily accessible for people who have retired abroad or are planning to do so.
What is SBI Life Annuity plus Pension scheme?
It is an immediate annuity plan, in which you start receiving pensions as soon as your NHS pensions transferred & SBI pension policy commences in India.
You will receive pensions till your life time. In the event of a mishap, your spouse or other nominated beneficiary will get entire transferred corpus
back as tax free lump sum. Or you can choose an Annuity Option that makes provision for life time pensions for your nominated beneficiary on your demise.
In addition there are still alternative Annuity Options to choose from.
What are the steps involved in the pension transfer?
Step1: Collecting Prescribed Mandate & SBI proposal form from Client authorizing SBI to approach NHS for receiving CETV(cash equivalent transfer value forms)
& generating Proposal number by keening the SBI proposal form & other KYC documents collected, at SBI Life branch office.
Step2: Mandate addressed to NHS UK, through speed post requesting to dispatch CETV to SBI life branch office.
Step3 : On receipt of set of forms (CETV) from NHS, SBI Life office will be returning them duly filled with the required details to NHS authorities
(few forms are also required to be signed by the Client)
Step 4: NHS will be transferring the Corpus directly to SBI Life’s bank Account through Wire Transfer, under intimation to the client.
Step 5: On receiving the Corpus to SBI Life’s bank Collection A/c, the bank authorities ask the SBI branch office to submit the prescribed Disposal Form
giving complete details of the Client quoting proposal number generated initially at branch office.
Step 6: On Submitting the prescribed Disposal form to the bank, the Forex Department of the bank will convert the Currency from GBP to INR at the
prevailing Exchange rate as on that day.
Step 7: The receipt for the transferred Corpus after conversion (premium) will be drawn in the Client name from the Accounts Department.
Step 8: SBI Life Annuity Plus Pension Policy will be completed instantaneously, which gives the client unabated guaranteed life time income immediately.
The pensions starts crediting to the same bank account of the client that he/she has filled in the SBI proposal form initially.
Step 9: The Policy document will be reached at client address within 15 working days.
Step 10: Finally the Client will receive a communication from NHSPA-UK over post confirming the transfer of NHS pensions to SBI Life Annuity Plus Pension Scheme.
1. SBI Life application form
2. Two Passport size
3. PAN card photocopy
4. Address proof in India (Utility bills/ Bank Statement/ Ration card, Letter from bank etc..)
5. A cancelled cheque leaf
6) OCI/PIO copy (if obtained)
FOR MORE DETAILS & STARTING UP OF THE TRANSFER PROCESS CONTACT:
SBI Life Insurance Company Ltd, # 23, Yamuna Complex,
1st Floor, 7th Cross, Malleswaram, Bangalore: 560003.
M +91 9844519872, +91 9980927393
Website URL: http://qropstoindia.blogspot.in/2014/05/nhsuk-pensions-transfer-process-for.html