It’s business as usual for the Qualifying \Recognised Overseas Pension Scheme (QROPS) as the taxman delists more of the offshore pensions for expats.
Seven were removed from the Hm Revenue & Customs QROPS List during the past two weeks.
That takes the number of removals to 223 since October.
As usual, most of the new and removed QROPS were in Australia.
HMRC added 16 offshore pensions to the list and delisted seven, with 11 new schemes and four delisted in Australia. Australia now has 1,519 QROPS – equivalent to 65 per cent of the 2,328 listed worldwide.
The top 10 QROPS countries host 2,280 of the global total, which leaves 48 QROPS shared among 18 countries.
HMRC QROPS List – By country
| Country | QROPS registered |
| Australia | 1519 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 5 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 6 |
| Gibraltar | 28 |
| Guernsey | 70 |
| Hong Kong | 9 |
| India | 15 |
| Ireland | 62 |
| Isle of Man | 347 |
| Jersey | 80 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 31 |
| Netherlands | 92 |
| New Zealand | 36 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Total: | 2328 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS registered |
| Australia | 1519 |
| Isle of Man | 347 |
| Netherlands | 92 |
| Jersey | 80 |
| Guernsey | 70 |
| Ireland | 62 |
| New Zealand | 36 |
| Malta | 31 |
| Gibraltar | 28 |
| India | 15 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Add | Amend | Remove |
| Bower Resort SMSF | Australia | x | ||
| Brennan RSF | Australia | x | ||
| Coyne Superannuation Fund | Australia | x | ||
| Edwyn Superannuation Fund | Australia | x | ||
| Me Time Super Fund | Australia | x | ||
| P & E Garnish Super Fund | Australia | x | ||
| Seadrill Super Fund | Australia | x | ||
| The Chris Hine Superannuation Fund | Australia | x | ||
| The Muir Zenith Super Fund | Australia | x | ||
| The Trustee For B&T Super Fund | Australia | x | ||
| The Trustee For Playfair Cal Superannuation Fund | Australia | x | ||
| Ash Wilkins Super Fund | Australia | x | ||
| Charlie Starrett Superannuation Fund | Australia | x | ||
| Mistry Super Fund | Australia | x | ||
| Sofat Superannuation Fund | Australia | x | ||
| Michael Conway Pension Trust | Ireland | x | ||
| Ladbrook Personal Pension Scheme | Isle of Man | x | ||
| Britannia Days Personal Pension Scheme | Isle of Man | x | ||
| Katieellie 1 | Isle of Man | x | ||
| MMG Investment Limited | Jersey | x | ||
| Lutea Jersey Qualifying Retirement Occupational Pension | Jersey | x | ||
| Partners for Innovation B.V. Brand New Day | Netherlands | x | ||
| Trengo B.V. by Brand New Day | Netherlands | x | ||
| Totals: | 16 | 0 | 7 | |
| QROPS listed January 15, 2022 | 2319 | |||
| Net change since January 15, 2022 | 9 | |||
| QROPS listed February 01, 2022 | 2328 | |||
| QROPS Jurisdictions | Add | Remove | ||
| N\a | ||||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed January 15, 2022 | 28 | |||
| Net change since January 15, 2022 | 0 | |||
| Countries with QROPS listed February 01, 2022 | 28 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
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
- Ireland
- Latvia
- Liechtenstein
- 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
- South Africa
- 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 shuts shop
- 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 suggest wrongdoing by a retirement saver or provider.
