Potential benefits require a real receiving scheme
A QROPS transfer can be considered only when a suitable receiving scheme appears on the live GOV.UK notification list and every transfer condition is met. The GOV.UK ROPS notification list published 15 September 2026 includes Indian schemes (checked 26 September 2026). Use these questions to compare a specific Indian receiving scheme with keeping your pension in the UK.
Currency and investment choices
A receiving scheme may offer different currencies or investments, but these depend entirely on its governing documents and providers. Do not assume INR payments, sterling retention, improved returns or reduced currency risk without written product terms and a comparison with remaining in the UK scheme.
Consolidation and administration
Some eligible schemes may accept more than one UK pension, subject to each provider’s rules. Consolidation can simplify administration, but may also lose guarantees, protected benefits or favourable charges. Compare each pension separately before deciding.
Tax and inheritance
Neither QROPS status nor list inclusion guarantees tax-free benefits. UK and Indian tax treatment depends on the payment, residence, transfer conditions and law at the relevant time. From 6 April 2027, non-UK pension schemes can remain within UK IHT scope depending on long-term UK residence and other facts; a QROPS is not automatic IHT avoidance.
Charges and regulated advice
The 25% Overseas Transfer Charge may apply unless an exemption is met. An unauthorised payment is generally charged at 40%, with a further 15% surcharge only where statutory conditions apply. Transfers involving safeguarded benefits over £30,000 require advice from an appropriately regulated adviser.
Decision checklist
- Verify the exact receiving scheme on the live GOV.UK notification list.
- Treat list inclusion as notification only, not HMRC approval or suitability assurance.
- Compare guarantees, fees, investments, currencies and benefit options in writing.
- Obtain case-specific regulated pension and tax advice before transferring.