The British tax man culled another five expat offshore pensions from the latest QROPS List (Qualifying Recognised Overseas Pension Scheme) – taking the total of delisted schemes to 30 this year.
Most of the axed pensions are from Australia.
HMRC declines to comment on why pensions are amended or delisted.
The latest HMRC QROPS List has the details of 2,433 pensions globally by 28 countries.
The top 10 QROPS host countries manage 2,381 of the global total, which leaves 52 QROPS shared by the remaining 18 countries offering pensions for expats.
So far in 2022, retirement savers have opened 139 new QROPS.
Table of contents
HMRC QROPS List – By country
| Country | QROPS registered |
| Australia | 1610 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 6 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 6 |
| Gibraltar | 28 |
| Guernsey | 70 |
| Hong Kong | 11 |
| Iceland | 1 |
| India | 22 |
| Ireland | 62 |
| Isle of Man | 339 |
| Jersey | 82 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 31 |
| Netherlands | 100 |
| New Zealand | 37 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2433 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS registered |
| Australia | 1610 |
| Isle of Man | 339 |
| Netherlands | 100 |
| Jersey | 82 |
| Guernsey | 70 |
| Ireland | 62 |
| New Zealand | 37 |
| Malta | 31 |
| Gibraltar | 28 |
| India | 22 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| Batrick Family Super Fund | Australia | x | ||
| Cross Paine Superannuation Fund | Australia | x | ||
| Green Family Superannuation Fund | Australia | x | ||
| McGinnis Family Superannuation Fund | Australia | x | ||
| Parker Q2 Superannuation Fund | Australia | x | ||
| Patrich Superannuation Fund | Australia | x | ||
| PJL SMSF | Australia | x | ||
| PS&KS Murdoch Super Fund | Australia | x | ||
| Stephen Turner 67 SMSF | Australia | x | ||
| Bishan Superannaution Fund | Australia | x | ||
| Cokell Super Fund | Australia | x | ||
| Grasett Superannuation Fund | Australia | x | ||
| Ray & Vin Super Fund | Australia | x | ||
| Whitmore Super Fund | Australia | x | ||
| McGregor Retirement Annuity Trust Scheme | Guernsey | x | ||
| Texas Retirement Annuity Trust Scheme | Guernsey | x | ||
| 10 | 0 | 6 | ||
| QROPS listed July 15, 2022 | 2429 | |||
| Net change since July 15, 2022 | 4 | |||
| QROPS listed August 01, 2022 | 2433 | |||
| QROPS Jurisdictions | Added | Removed | ||
| None | ||||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed August 01, 2022 | 28 | |||
| Net change since July 15, 2022 | 0 | |||
| Countries with QROPS listed August 01, 2022 | 28 | |||
| Next HMRC QROPS LIst due August 15, 2022 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, using the data is often misunderstood, so here are the answers to some of the most asked questions about QROPS expat pensions.
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 sure to be QROPS.
So retirement savers should check the latest QROPS list before transferring any money.
QROPS Overseas Transfer Charge
The overseas transfer charge is 25% of the transfer value of a fund moved into a QROPS or between QROPS.
For expats living inside the European Economic Area (EEA), countries offering QROPS that are not subject to the overseas transfer charge are:
- Austria
- Belgium
- Bulgaria
- Denmark
- Finland
- Germany
- Iceland
- Ireland
- Latvia
- Luxembourg
- Malta
- The Netherlands
- Norway
- Slovakia
- Sweden
QROPS countries outside the EEA
Outside the EEA, expats are subject to the transfer charge if they do not live in the same country as the pension is administered – these are:
- Australia
- Barbados
- Canada
- Gibraltar
- Guernsey
- Hong Kong (China)
- India
- Isle of Man
- Jersey
- Kenya
- New Zealand
- Switzerland
Other exceptions to the transfer charge may apply if an employer or multinational non-government organisation runs the scheme, such as the EU QROPS.
A five-year residence rule may also apply.
Click here for official guidance on the overseas transfer charge
Why does HMRC remove pensions from the QROPS List?
HMRC delists QROPS for several reasons, including:
- The provider closes
- The last pension member has left the scheme, either by transferring out, dying or exhausting the fund
- Tax avoidance issues
- The scheme stays a QROPS, but the provider invokes confidentiality, excluding the pension from the list
Delisting should not imply wrongdoing by a retirement saver or provider.
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