Hong Kong has lost 23 Qualifying Recognised Overseas Pension Schemes (QROPS) from the latest HM Revenue and Customs list.
Only two schemes remain open to transfers in – the Asia Alternative Asset Partners Limited Retirement Benefits Scheme and David Watt Retirement Benefits Scheme.
None of the schemes missing from the list have commented about the action.
“HMRC does not comment on issues involving specific QROPS”, said an HMRC spokesman.
At this stage, it is unclear why the schemes are dropped from HMRC’s QROPS list published on August 1, 2013.
Patchy record
However, another Hong Kong QROPS was suspended by HMRC in July 2013 after appearing on the two previous QROPS lists.
This was the GFS Superannuation Scheme, launched by Global Fiduciary Solutions.
The GFS QROPS offered a 0% income tax rate.
Gibraltar QROPS suspended transfers in when HMRC raised objections to the 0% tax rate, claiming zero was no tax rate. Eventually, Gibraltar resolved the issue by charging a 2.5% income tax rate on pension payments.
GFS said they are in negotiations with HMRC to restore the scheme to the QROPS list but have declined to comment on why the scheme is delisted.
Hong Kong QROPS faced earlier action by the UK government in April 2011, when a double taxation agreement was revised to stop Hong Kong QROPS investors transferring their pensions to the financial centre and then drawing an income from the QROPS in the UK at a reduced rate of income tax.
In 2010, the Beazley Consulting Pension Scheme QROPS was also suspended amid a blaze of publicity. An investigation revealed the scheme had self-certified as a QROPS but had never met the qualifying rules.
Hong Kong QROPS
The missing Hong Kong QROPS are:
- Ashover Rose Trading Limited Retirement Benefits Scheme
- Asia Pacific Super Trust
- Bauhinia Capital Partners Limited Retirement Benefits Scheme
- Benjamin Warwick Limited Retirement Benefits Scheme
- CC HK ORS
- Hamok Resorts Limited Retirement Benefits Scheme
- HF HK ORS
- Jan 2007 HK ORS
- Jan 2007 HK ORS
- Lutea Hong Kong Master Pension Plan
- Lutea Hong Kong Pension Plan – AHB
- Lutea Hong Kong Pension Plan – MCEO
- Lutea Hong Kong Pension Plan – PDH
- Lutea Hong Kong Pension Plan – PGC
- Lutea Hong Kong Pension Plan – PW
- Lutea Hong Kong Pension Plan – RC
- Lutea Hong Kong Pension Plan – RJA
- Lutea Hong Kong Pension Plan – SP
- Lutea Hong Kong Pension Plan – TJC
- Lutea Hong Kong Pension Plan JEW
- Lutea Overseas Pension Plan – WPC
- Manpower Resource Computing Ltd Retirement Benefits Scheme
- Prudential Hong Kong Staff Provident Fund
