Retirement

HMRC QROPS List – August 15, 2022

There’s no change in the global number of QROPS expat pensions as the addition of six new schemes was cancelled out by six delisting.

The latest HMRC QROPS List has the details of 2,433 pensions from 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 145 new QROPS.

HMRC QROPS List – By country

CountryQROPS registrations
Australia1611
Austria3
Barbados1
Belgium4
Bulgaria3
Canada6
Denmark1
EU Institution1
Finland1
Germany6
Gibraltar28
Guernsey70
Hong Kong11
Iceland1
India22
Ireland61
Isle of Man338
Jersey83
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 registrations
Australia1611
Isle of Man338
Netherlands100
Jersey83
Guernsey70
Ireland61
New Zealand37
Malta31
Gibraltar28
India22
Total:`2381

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved





Barnstable Super FundAustraliax

Chapple Superannuation FundAustraliax

Mike Bennett SMSFAustraliax

Phil Harries Superannuation FundAustraliax

RG Plus55 SMSFAustralia

x
Rough Superannuation FundAustralia

x
Sofat QROPS FundAustralia

x
Kieran Phillips (Bespoke) Pension TrustIreland

x
EP Pension PlanIsle of Man

x
Local Government Superannuation Scheme 2012Isle of Manx

Narrak Personal Pension SchemeIsle of Man

x
Prosperity Group Limited Pension SchemeJerseyx








606





QROPS listed August 01, 2022


2433
Net change since August 01, 2022


0





QROPS listed August 15, 2022


2433





QROPS Jurisdictions

AddedRemoved





None








Totals:

00





Countries with QROPS listed August 15, 2022


28
Net change since August 01, 2022


0





Countries with QROPS listed August 15, 2022


28





Next HMRC QROPS LIst due September 01, 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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