Transferring your Dutch pension to an Overseas country- Transfer your Dutch Pensions to QROPS-Qualifying Recognised Overseas Pension Scheme in India.

Any Indian who have previously worked in Netherlands, & have built up a pension pot, and if are you currently working in India ! Then it is possible under certain conditions to transfer your Dutch pension to Exide Life Smart Pension Plan(QROPS-Qualifying Recognised Overseas Pension Scheme) in India. This is called  'international pension value transfer'.

Ø  Only Non-active pension fund can be transferred.

Ø  Suited for those Indians who are planning to return India for long term

Transferring the funds into Exide Life Smart Pension-QROPS has obvious advantages:

Attractive GBP/EURO to INR exchange rate that’s available now

·         Transfer the Pension funds now and watch them give better returns in emerging markets (India) than developed markets .

·         Upon death, the entire corpus paid to your beneficiaries tax free, while in many other nations beneficiaries may face huge Inheritance Tax (IHT)

·         Take pension income in the currency of your own country

·         The benefits & pensions can be credited into your NRE account as well & hence be accessed in the currency of your choice

·         Withdraw Tax-Free lump sum of up to 33% of accumulated funds on vesting.

·         Take a guaranteed Pension for Life on the remaining corpus. approx. Exide Life annuity rate of 6.5%

·         No GST charged on Pension and No taxes deducted at source

        Transferring into Exide Life Smart Pension Plan has further advantages

Working of the plan –

Exide Life Smart Pension Plan is smartly designed to benefit your proposed pension transfer. In Single Premium variant

·         Above 5 Lacs Premium – Premium Allocation Charges are Nil

·         Top Ups – Unlimited Top ups can be contributed

·         Death Benefit – Sum Assured or Fund Value whichever is Higher

·         Sum Assured – 105% of total premium and top up received

·         Guarantee Charges - Nil

·         Preponing/ Postponing of vesting age – Possible

·         Minimum policy term is 5 years after which you start withdrawing the pension benefits

         Partial Withdrawal – allowed 25% before vesting in case of Critical Illness.

·         Tax Free Lump Sum – allowed another 30% upon vesting

·         Open Market Option – Can draw pension upon policy vesting from another insurer offering higher pension.

·         Investment Strategies Offered: Automatic Asset Rebalancing Strategy | Systematic Transfer Strategy

·         Fund categories can be chosen between Debt, Balanced, Index, Equity funds as per your chosen allocation between funds

·         Fund Switching – Unlimited Switches allowed - Charges Nil

·         Loyalty Benefit – Added each year after 10 years –

0.25% of average Fund Value from 10-19 Policy Years. 0.50% of average Fund Value from 20th Year onwards

Pension transfer outside of the EU

Do you want to take your Dutch pension to your new pension institution in the country where you are working? And is that country outside of the EU? If so, you should first contact your Dutch pension institution. Your Dutch pension institution will ask De Nederlandsche Bank whether you can take your pension to your new pension institution in a country outside of the EU.

If it is possible to take your Dutch pension with you, De Nederlandsche Bank will draw up a declaration. Once you have received that declaration, you will be able to apply them for exemption for the pension transfer.

If you apply for exemption for the international value transfer of your Dutch pension you will not be liable for the payment of tax over this value transfer. 

You can only apply for an exemption if you meet the following conditions:

 You have received a declaration from your Dutch pension institution or De Nederlandsche Bank to the effect that you can get our Pensions transferred to a new pension establishment in India

·                You have been working outside of the Netherlands for at least 5 years consecutively.

·                Your new pension institution in India agrees to having your Dutch pension transferred to it.

·                Now Receiving Scheme Manager in India can also approaches your Dutch Pensioner with necessary Paper Work by taking “Letter Of Authority” from you.

To know in detail about the benefits or amount of pensionable service, the transfer value payment of Dutch pension pot will buy in the receiving pension scheme in India & also to know more about the options, pension schemes available in India to get your Dutch pensions transferred, we wish to schedule a free, no obligation Email/telephone consultation to discuss ways I can help yourself and any of your colleagues who has accumulated pension fund in Netherland/Dutch. We can also be reached with the following contact details.

Mr Ravi Kumar. Financial Consultant (Code: 60272381, QROPS Consultancy), A&B Law & Financial Associates, No-2720, 12th, Main, Jayanagar 4th Block, Bangalore-560 011

Cell: +91 9844519872

Comments

Post a Comment

Popular posts from this blog

Transfer your UK Pensions to LIC's New Jeevan Shanti QROPS (Qualifying Recognised Overseas Pension Scheme) in India.

Transfer your UK Pensions to LIC's New Jeevan Shanti QROPS in India, which is a Non-Linked, Non-Participating, Individual, Single Premium, Deferred Annuity Plan.    Snapshots : > This QROPS is a single premium plan wherein the Policyholder has an option to choose on Single life annuity. > The Annuity rates are guaranteed at the inception of the policy & Annuities are payable post deferment period & on completion of age 55(after UK Pensions get transferred)  throughout the life time of Annuitant(s). ANNUITY OPTIONS: The Annuityoptions available are: Option 1: Deferred annuity for Single life   3. Benefits   Option Benefits Option 1 During Deferment Period & before required HMRC QROPS age of 55: • On survival of the Annuitant, nothing shall be payable. • On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s   After Deferment Period & after required HMRC QROPS age ...
Read more

HC-High Court allows OCI's for Government Quota's in Colleges

Image
  On Wednesday dated 10th of April 2019, High court of Karnataka brings smiles on the face of hundreds of India based foreign students who hold OCI cards. HC orders that even students who hold OCI cards can apply for the courses in Educational Institutions under Govt reserved Quota. The petition was filed with petition no-W.P No 7724/2018 challenging the rule 5 of Karnataka Selection of Candidates for Admission to Government Seats in Professional Educational Institutions Rules 2006. The rule 5 of Karnataka Selection of Candidates for Admission to Government Seats in Professional Educational Institutions Rules 2006 clearly states that, "No candidate shall be eligible for Government Seats unless he is a citizen of India”. The petitioners contended that above said rule 5 is in contrary with the spirit of Article 14 & Article 15 of the Indian Constitution & also contrary to the provisions of Indian Citizenship Act 1955. The petitioners argued that though they are born...
Read more

Comparison of QROPS in India vs UK Pension Schemes

India Based QROPS     UK Pension Scheme   1.       Emerging markets like India tend to offer better returns than those offered by developed economies & other emerging markets in the long term since the fundamentals are strong in India.               2.       The term ‘Guaranteed Interest Components’ can only be found in India based QROPS. Among many Indian QROPS schemes the investment portfolio is not linked to stock market & there will be no investment fluctuations & the entire fund both base transferred UK pensions & Bonus added are safe & Guaranteed.               3.       Regulatory protection- All the insurance companies operating in India are subjected to solvency regulations of IRDAI (Insurance Regulatory & Development Authority of India). The minimum solvency ratio is 1.5 times of the insurer’s lia...
Read more