Exide Life Insurance brings a great opportunity for you to transfer your UK pension fund into 'Exide Life Smart Pension Plan' which is listed as QROPS. QROPS stands for Qualifying Recognized Overseas pension Scheme
Any Individual enrolled with a UK pension scheme who either now lives overseas as an expatriate or is planning to leave UK over the next 12 months can now transfer his / her existing pe
nsion provisions into a Qualifying Recognized Overseas Pensions Scheme (QROPS).
• In order to receive QROPS status, the scheme must be recognized as a pension scheme and should meet the rules of the jurisdiction that it is situated.
• The scheme must be recognized and meet the Her Majesty's Customs & Revenue (HMRC) rules in the UK relating to how and when benefits can be taken, along with defined reporting requirements prior to the member becoming non UK tax resident.
• The qualifying scheme must be outside the UK.
• At least 70% of the funds transferred must be used to provide the individual member with an income for life.
• The scheme provider must inform HMRC if any payment is made within five years of the member leaving the UK and becoming non UK resident.