More than 100 new Qualifying Recognised Overseas Pension Schemes have joined the official listings this year, according to the latest data.
HM Revenue & Customs QROPS List has expanded to 1,310 pensions for expats in 30 different countries, after starting the year with 1,174 schemes.
In the past two weeks, Australia has added nine to reach 633 pensions – just under 50% of all the listed schemes.
Three were added in Guernsey and one in New Zealand, with another delisting in Gibraltar.
HMRC QROPS List by country
|Financial jurisdiction||No of QROPS|
|Isle of Man||338|
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
What is the QROPS List?
The HMRC list tells overseas pension providers and retirement savers transferring funds from a UK pension to a QROPS or between offshore pension providers which schemes qualify for QROPS status.
QROPS providers certify their schemes meet UK offshore pension and tax rules to go on the list, but HMRC warns this does not mean any are approved or certain to be QROPS. Retirement savers should check this before transferring any money.
The next HM Revenue and Customs QROPS Listis scheduled for June 1, 2018.
QROPS overseas transfer charge
The overseas transfer charge is calculated as 25% of the transfer value of a fund into a QROPS or between QROPS.
For expats living inside the European Economic Area (EEA), countries with QROPS that are not subject to the overseas transfer charge are:
- The Netherlands
QROPS countries outside the EEA
Countries outside the EEA are subject to the transfer charge if an expat does not live in the same country as the pension is administered – these are:
- Hong Kong (China)
- Isle of Man
- New Zealand
- South Africa
Other exceptions to the transfer charge may apply if the overseas scheme is run by an employer or multinational non-government organisation, such as the EU QROPS.
A five-year residence rule may also apply.