HMRC Suspends 432 QROPS

HMRC Suspends 432 QROPS

More than 430 Qualifying Recognised Overseas Pension Schemes (QROPS) have disappeared from the latest HM Revenue and Customs list of recognised pensions.

So far, no scheme providers or HMRC have indicated why the pensions are not on the list, but the suspicion is HMRC post- April 6 2012 new rules do not work and 432 schemes that were added to the recognised list after that date are suspended.

Speculation also suggests the slashing of the list is related to the recent Singapore ROSIIP High Court case that HMRC wants to withdraw from – but cannot until a public policy statement over QROPS is handed to the court by July 17.

The understanding is providers have yet to be contacted by HMRC to tell them why their schemes are no longer on the list.

HMRC has not yet commented about the QROPS removals.

QROPS list

Removal from the list is generally for three reasons and does not necessarily indicate any wrong-doing by the provider. The three reasons are:

  • HMRC have removed the scheme because the pension is breaking QROPS rules
  • The scheme has asked to be removed from the list
  • HMRC has suspended the scheme pending further investigation

The missing schemes cover 15 of the 46 QROPS financial jurisdictions. HMRC has not removed any financial jurisdiction from the list.

“HMRC may also temporarily remove a scheme from this list in certain circumstances while it carries out a review,” says HMRC on the list. “Such removal will not necessarily mean that the scheme has been excluded from being a QROPS by HMRC – but the scheme will be removed from the published list until HMRC has completed its review.”

The missing QROPS

HMRC publishes the list every 14 days – a copy is available from the HMRC web site http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

The jurisdictions with suspended schemes are:

Jurisdiction
Missing QROPS
Total432
Australia259
Canada6
France2
Gibraltar8
Guernsey16
Hong Kong2
Ireland67
Isle of Man24
Italy7
Jersey5
Malta6
New Zealand13
Norway1
South Africa1
Spain2
Sweden1
Switzerland6
The Netherlands6
HMRC Suspends 432 QROPS

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