The number of expat offshore pensions has grown again in the past two weeks with five additions.
Australia remains the biggest global market for the Qualifying Recognised Overseas Pension Scheme (QROPS), with 1687 pensions hosted in 28 countries.
The global market totals 2474 QROPS, with ten countries hosting 2421 between them, leaving 18 countries hosting the remaining 53 pensions.
The next HMRC QROPS list is due on February 15.
Table of contents
HMRC QROPS List – By country
| Country | QROPS |
| Australia | 1687 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 6 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 6 |
| Gibraltar | 28 |
| Guernsey | 68 |
| Hong Kong | 12 |
| Iceland | 1 |
| India | 18 |
| Ireland | 53 |
| Isle of Man | 310 |
| Jersey | 87 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 100 |
| New Zealand | 38 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2474 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS |
| Australia | 1687 |
| Isle of Man | 310 |
| Netherlands | 100 |
| Jersey | 87 |
| Guernsey | 68 |
| Ireland | 53 |
| New Zealand | 38 |
| Malta | 32 |
| Gibraltar | 28 |
| India | 18 |
| Grand Total | 2421 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| Dickson Family Super Fund | Australia | x | ||
| DVDKB Fund | Australia | x | ||
| Elmore Family Super Fund | Australia | x | ||
| Goodall Family Super Fund | Australia | x | ||
| Kaisla Super Fund | Australia | x | ||
| Kilwinning Super Fund | Australia | x | ||
| Lis Woodhart SMSF | Australia | x | ||
| Lisle Superannuation Fund | Australia | x | ||
| M Kingston SMSF Super Fund | Australia | x | ||
| Mellon Over 55 SMSF | Australia | x | ||
| MKRL Wilson Super Fund | Australia | x | ||
| CW Robinson Super Fund | Australia | x | ||
| Highbury Superannuation Fund | Australia | x | ||
| MontyStaff Super Fund | Australia | x | ||
| Ridden Silver Lining Superannuation Fund | Australia | x | ||
| Asterix Retirement Annuity Scheme | Guernsey | x | ||
| Morning Star Retirement Annuity Trust Scheme | Guernsey | x | ||
| Hedley S Personal Pension Scheme | Isle of Man | x | ||
| HRHKLM Personal Pension Scheme | Isle of Man | x | ||
| BUX Technology B.V. | Netherlands | x | ||
| Omnipresent Netherlands B.V | Netherlands | x | ||
| Catawiki BV by Brand New Day – Changed name to Catawiki B.V. scheme by ASR | Netherlands | x | ||
| Totals: | 13 | 1 | 8 | |
| QROPS listed January 16, 2023 | 2469 | |||
| Net change since January 16, 2023 | 5 | |||
| QROPS listed February 01, 2023 | 2474 | |||
| QROPS Jurisdictions | Added | Removed | ||
| None | 0 | 0 | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed February 01, 2023 | 28 | |||
| Net change since January 16, 2023 | 0 | |||
| Countries with QROPS listed February 01, 2023 | 28 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, how to use 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 QROPS overseas transfer charge is 25 per cent 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, 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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