QROPS India for Non-Resident Indians Leaving the UK

QROPS India – Avoiding Taxes for British Indians Retiring to India


A QROPS in India is an overseas pension scheme.

You can transfer your UK pension to India to avoid tax in the UK. You can also transfer your scheme to other countries to avoid UK taxes and we will show you how.

More than a million Indians who have worked in Britain visit India each year and many are thinking of working in India or retiring in India. We can help move your pension out of the UK, so that you no longer pay UK taxes.

That means avoiding a 40% death tax and avoid income tax of up to 45% on your hard earned pension.

A QROPS in India is available for non-resident Indians, Persons of Indian Origin (PIO’s), Indian expats, British expats retiring in India, Indian returnees, British Indians who want to work or retire in India and anyone else who has worked in the UK and wants to retire abroad.

List of QROPS in India

This list of QROPS in India was updated on 18th February, 2015.

There are six Indian companies which are listed as an Indian QROPS on HMRC’s website.

Exide Life Golden Years Retirement Plan India
Exide Life New Best Years India
HDFC Life Pension Super Plus India
HDFC Life New Immediate Annuity Plan India
HDFC Life Pension Super Plus India
HDFC Life Personal Pension Plus India
HDFC Life Single Premium Pension Super India
ICICI Pru Immediate Annuity India
Max Life Forever Young Pension Plan India
Max Life Guaranteed Life Time Income Plan India
National Pension System (NPS) India
SBI Life – Annuity Plus India

We have access to all these QROPS in India as independent financial planners. Allow us to find the best match for you. We will give you free advice on which one is the best.

You must be careful about QROPS in India and only use companies which are on HMRC’s list. Many are not approved QROPS, which could result in your paying a 55% unauthorized tax charge. Please check with us first on which ones are covered by HMRC.

In fact, we have some other QROPS which aren’t listed in India, but listed in other countries which may give you even better returns and have lower fees.

QROPS for Non-Resident Indians Who Want the Highest Returns

Transfers to a QROPS in India are for annuities only.

Let’s look at the popular HDFC plan in India which offers:

  • Guaranteed income for as long as you & your partner paid at the frequency of your choice – monthly/quarterly/half-yearly/annual options
  • Benefit from higher annuity rates at investment of Rs 2,50,000 or higher
  • Death benefit on certain annuity options that provide for return of purchase price or annuity to your spouse

Click here for HDFC Fund Performance

HDFC are said to give the best life insurance policies in India.


HDFC Standard Life Insurance Company Limited
12th & 13th Floor, Lodha Excelus,
Apollo Mills Compound, N .M. Joshi Road,
Mahalaxmi, Maharashtra, Mumbai – 400 011

QROPS in India are a popular choice, but you must retire in India. If you are considering retiring elsewhere in the world or if you have a large pension pot and want to diversify into other currencies, please let me know.

Furthermore, it is in Indian Rupees only. If you are a young Indian, you may want to hold a currency like the US Dollar which is more widely used globally. You can still invest in the Indian markets and benefit from the Indian miracle under Raju Ragharam and Modhi, but reduce your worldwide risk.

Overseas QROPS vs India QROPS

Other overseas QROPS, such as a Malta QROPS have a Double Taxation Agreement with India. This means that your pension grows tax-free in Malta, but your pension income is paid directly into your Indian bank account.

Overseas QROPS can offer other advantages such as:

  • much wider fund range
  • choose any currency you like
  • 100% gets passed on to spouse on death
  • more flexible options for income at retirement
  • 30% cash free lump sum – so you can get a large cash pay out on top of your pension income
  • You can also take further cash lump sums down the line

Email us to find out more about how we can help you.

Where are British Indians from?

A recent census revealed 17% of the world is now Indian.

There are more than 1.4 million Indians in the UK. They are the largest subgroup of British Asians in the UK. 6.6% of Londoners are Indiana and are in communities such as Hounslow and Harrow. Leicester, Wolverhampton and Blackburn have large Indian communities.

Today the British Indian community has spread its wings worldwide: many Indian British people now live abroad including in Canada (some 11,200), the United States (around 17,000), Malaysia, Indonesia, Brunei, Fiji, Tahiti, Australia, Micronesia and Polynesia.

Where Do Indians Work in the UK?


The NHS is the world’s fifth largest employer and the number of Indian consultants was 2,708 in 2014. Indians provide the largest number of employees after white British people.

There are 18,424 Indians in the NHS.

In fact over 25,000 doctors who work at the NHS were trained in India.

There are 2.5 million diners in the UK who regularly visit one of the 10,000 Indian restaurants employing 80,000 staff, making the industry worth £3.6bn and by 2002, Indian food in supermarkets alone was worth £600m; 80% of which was ready-meal curries.


Average Retirement Age in India

In India, the average retirement age is 58 – 60 years. However, if one wishes, jobs are available in the private sector after retirement.

A foreign national working in India when retires, all his current assets such as savings from salary (tax already paid), dividend, interest, commission, provident fund balance, sale proceeds of personal effects, etc., can be repatriated in full when he leaves India.

What is the UK State Pension in India?

If you worked your entire life in the UK, you would expect the full state pension if you live in India. Well, that is not the case, India has no Double Taxation Agreement with the UK concerning the state pension, meaning your UK is “frozen”. In other words, you will receive your pension, but if paid into India or you tell the UK authorities you are resident in India, your pension will not be index-linked. In other words, your state pension will not increase with inflation (CPI) in India.

Payment is made in India Rupees. There is no charge to have your pension paid into Indian Rupees into your Indian bank account.  You can also opt to have your pension paid in Pounds into your UK bank account if you still have one.

Where to Retire in India?

The former Portuguese colony of Goa on India’s west coast is considered a beautiful place to live. With land prices and salaries in India a fraction of their UK counterparts, you can buy a sizable land and build a luxurious residence for £50,000 (about $100,000).

The Goan resort of Candolim on the Arabian sea is popular with the British; newly-built apartments are available for around £12,000 (about $24,000). Calangute and Baga are also popular.

Retiring Abroad by Ben West

Another popular area is Kerala in southern India, which has been an increasingly popular tourist destination in recent years. A large modern villa at Ernakulam or Thiruvananthapuram costs from £35,000 (about $70,000). The cost of living is cheap too; it is possible to have a three-course meal for an amazing 50p (about $1).

Overseas Citizenship of India

Persons of Indian Origin (PIOs) who migrated from India and acquired citizenship of a foreign country other than Pakistan and Bangladesh, are eligible for grant of OCI as long as their home countries allow dual citizenship in some form or the other under their local laws.

British Indians will benefit from visa-free travel to India. OCI is allowed lifelong visa-free travel to India.

Full OCI benefits here.

10 Best Places to Retire in India.

Top Performing ETF’s in India

Click here for the top performing ETF’s in India.

We can create a portfolio for you holding any of these India ETF’s.

Top Performing Mutual Funds in India

For large cap, the JPMorgan Equity India is up 63% in one year (16th Feb, 2015).

Click here for more of the best performing funds in India.

We can create a portfolio for you holding any of these Indian mutual funds