UK Pension contributions

[blue_trail]

Hi - as I plan my relocation to India, I want to get some guidance on transferring pension contributions to India.

I need details on Insurance company name(s) and how to initiate the transfer. Also are there different schemes/plans linked to equity/bonds?

Alternatively, is there an advantage in holding it in UK for better returns/taxation purpose.

BR

[blue_trail]

Hey thanks...do you know if any of the above comapnies has a local contact person?

Regards
Arun

[maya1]

Hello Maya, could you please give me name of the agent you used? Because I have just been told that jeevan akshay is apparently not for British Citizen. I am not qualified even though I am a holder of OCI (overseas Citizen of India)! Any idea how to go about this?

Mine is local agent from Pune...i dont know who told you jeevan akshay is not for British citizen..not true. We are also in the process of transferring the funds here in India and we got email on Friday from our agent to expedite the process as LIC is withdrawing the policy in the months time.You can contact local agent and find out more information.

[maya1]

Hi Maya

Just want to know if the entire pension is transferable if one is above 40, am i right in understanding what u said.

Once transferred to LIC, will it be held as a policy or can we get a cash lumpsum.

Can you let me know.

Thanks

Srini

Hello Srini,

Yes entire Pension is transferable..above or below forty. To my understanding it will be held as a policy.If you are above forty then your pension starts (after policy holder, his/hers spouse gets the pension of course) which can be again invested in some other policy.About lump sum i think you get it after 65?(will check with husband)..Husband is thinking of investing in LIC jeevan anand when he starts getting the pension.

Regards,

Maya.

[srinivas74]

When you say one is above forty the pension starts, do you mean we can get the pension amount on a monthly basis and we can re-invest that as another policy ?

You get pension every three months...you can reinvest or spend ..your choice

Can you let me know once you sort out yours, anything i need to be aware of etc.

Sure.

Do you mind telling me how many years of pensionable service ur husband had in UK, and roughly how much would u get in india (i mean the pension amount). If you dont want to tell, thats fine, else you can also PM me.

8yrs,Will PM you when pension starts.

Thanks maya for the info,

Just to clarify that you guys have red passports along with OCI, am i right.

So is LIC withdrawing just the jeevan akshay scheme or is it totally out of the pension plan.

Thanks

Srini

[maya1]

Just to clarify that you guys have red passports along with OCI, am i right.

Yes

So is LIC withdrawing just the jeevan akshay scheme or is it totally out of the pension plan.

Not sure about this, will get back to you on this one..

[drpanditji]

Just to clarify that you guys have red passports along with OCI, am i right.

Yes

So is LIC withdrawing just the jeevan akshay scheme or is it totally out of the pension plan.

Not sure about this, will get back to you on this one..

@Maya- did you get your pension transferred? if yes, please let me know the details of LIC agent.
Thanks

[suyog]

Is it possible to transfer the NI contributions by self and the employer?

[g_senthil_mm]

I feel that investment options are better in UK than in India. Why do you want to move to LIC where you will be given very little returns.

If you can move the pensions to sippdeal or hargreaves landsdown, you can even invest in indian market like a nifty etf.