[markexpat]

Hi

Can any one offer any advice ?? I was working in India for 4 years and have returned home to the UK. I was working for a global MNC and have a significant Provident fund there. I am told I have to wait until 57 years of age before I can transfer out the money ?? does anyone have any experience of this or any advice on if it is possible to get it sooner ?? I believe it is because there is no SSA agreement with India and the UK ..

 

[BBCWatcher]

You are correct, except you have to wait until age 58. Ernst and Young published a nice summary of the situation here.

You can withdraw before you reach age 58 if India and the U.K. sign a social security agreement before then. Permanent disability would also mean you can withdraw early.

If it's any consolation, this would be a bad time to withdraw any funds denominated in Indian rupees. The rupee is very weak right now against major currencies. So even if you had the choice you probably should wait until the rupee's value improves against the U.K. pound. If you're looking at the decline of the rupee and panicking, that's exactly what you shouldn't do. (People do this all the time, buying high and selling low, when it comes to financial assets such as currencies, stocks, and bonds. But really one should think of this as the rupee going on sale, like eggs at the grocery store. If something goes on sale, whether it's eggs or rupees, you should if anything be a buyer, not a seller.)