Retirement

HMRC QROPS List – August 1, 2022

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.

HMRC QROPS List – By country

CountryQROPS registered
Australia1610
Austria3
Barbados1
Belgium4
Bulgaria3
Canada6
Denmark1
EU Institution1
Finland1
Germany6
Gibraltar28
Guernsey70
Hong Kong11
Iceland1
India22
Ireland62
Isle of Man339
Jersey82
Kenya2
Latvia4
Luxembourg2
Malta31
Netherlands100
New Zealand37
Norway1
Slovakia1
Sweden2
Switzerland2
Grand Total2433

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryQROPS registered
Australia1610
Isle of Man339
Netherlands100
Jersey82
Guernsey70
Ireland62
New Zealand37
Malta31
Gibraltar28
India22

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list

QROPSCountryAddedAmendedRemoved





Batrick Family Super FundAustraliax

Cross Paine Superannuation FundAustraliax

Green Family Superannuation FundAustraliax

McGinnis Family Superannuation FundAustraliax

Parker Q2 Superannuation FundAustraliax

Patrich Superannuation FundAustraliax

PJL SMSFAustraliax

PS&KS Murdoch Super FundAustraliax

Stephen Turner 67 SMSFAustraliax

Bishan Superannaution FundAustralia

x
Cokell Super FundAustralia

x
Grasett Superannuation FundAustralia

x
Ray & Vin Super FundAustralia

x
Whitmore Super FundAustralia

x
McGregor Retirement Annuity Trust SchemeGuernseyx

Texas Retirement Annuity Trust SchemeGuernsey

x







1006





QROPS listed July 15, 2022


2429
Net change since July 15, 2022


4





QROPS listed August 01, 2022


2433





QROPS Jurisdictions

AddedRemoved





None








Totals:

00





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.

Below is a list of related articles you may find of interest.

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