Updated: June 12, 2019

Pension Transfers India

Need to transfer a pension between the UK and India? Find out how it can be done in this guide

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: June 12, 2019

Customers often ask us things like ‘Can I transfer my UK pension to India? Some want to know how to transfer a UK pension to India and others are keen to learn something more specific, like which pensions schemes can be transferred there, or information about transferring an NHS pension to India.

We have put together a guide on pension transfers to India which covers:

Can I do a UK pension transfer to India?

Yes. You are able to do a pension fund transfer from the UK to India.  Pension transfers to India from the UK have become very popular over the last few years and the options are ever growing.

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Should I do a UK pension fund transfer to India?

A transfer of a UK pension to India can make perfect sense if you’re of Indian descent and are going home, or if you are an expat moving or retiring to India –  at the time of writing, it is estimated that over 32,000 Brits live in India.

Some of the benefits of transferring your UK pension to India are very good:

  • You can avoid up to 45% income tax.
  • You can avoid up to 45% tax on death.
  • Invest in one of the fastest growing stock markets in the world.
  • Get a steady retirement income in Indian Rupees and avoid exchange rate fluctuations.
  • Invest in the fast growth areas of Indian tech and equity companies.
  • You are able to get one third payable as a tax free lump sum instead of the 25% in the UK.

To get the best advice and find out if transferring your pension to India is right for you, speak to a pensions expert, like the ones we work with. Call Online Money Advisor today on 0808 189 0463 or make an enquiry here.

How can I transfer my pension fund from the UK to India?

If you are ready the first place to start is to send your current pension provider(s) in the UK a letter of authority – informing them of your intentions and who is acting on your behalf. You may wish to follow this up with a phone call requesting the transfer-out paperwork and transfer value.

Once you have the transfer out paperwork things become a little easier. However, transferring a UK pension to India can be daunting – so many options and a process that can take a while (up to 6 months).

The best way to transfer your pension from the UK to India is to let a pensions expert handle it for you. A pension specialist will be able to give you the best advice for your circumstances and talk you through the process step by step. To speak to an expert for the right advice, call Online Money Advisor today on 0808 189 0463 or make an enquiry here.

What type of pension funds can be transferred from the UK to India?

Most types of pension schemes in the UK are transferable to India. If you have any of the following pension schemes are you are thinking about leaving the UK to work/live in India, you should be able to transfer your existing UK pension fund to India.

Can I transfer my NHS pension to India?

You are able to do an  NHS pension transfer to India but only via a QROPS (qualifying recognised overseas pension scheme) which are widely available.

It is important to note that as the NHS is one of the most revered pension schemes in the world, you should only really consider transferring your NHS pension to India if you plan to permanently reside there and have no plans to return to the UK.

If you are considering transferring an NHS pension it would be prudent to seek advice for a pensions expert. Call Online Money Advisor today on 0808 189 0463 or make an enquiry here.

How long does a pension transfer from the UK to India take?

Doing a pension transfer to India from the UK is not a quick process and can take anywhere between 3-6 months to complete. Speaking to an independent pensions advisor, like the ones we work with, could help speed up the process as they can guide you through it step by step.

Advice on transferring a UK pension to India

If you have questions about a UK pension transfer to India or pensions in general and want to speak to an expert for the right advice, call Online Money Advisor today on 0808 189 0463 or make an enquiry here.

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We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

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Tony Stevens

Tony Stevens

Finance Expert

About the author

Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.

Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

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