Expat offshore pensions have started the year where they left off in 2022 – with a dozen new QROPS (Qualifying Recognised Overseas Pension Schemes) opening while HM Revenue and Customs in the UK delisted a similar number.
The official HMRC QROPS List shows although 12 schemes were added since December 15, another 10 were removed from the list and another amended.
HMRC declines to say why schemes are delisted – many lose their place due to commercial reasons, while tax fraud and maladministration are not unknown.
Australia starts the year as the biggest global market for QROPS, with 1674 QROPS – 165, up on last year’s starting figure of 1509 QROPS.
The number of countries hosting QROPS remains at 28. The only change in the year was Liechtenstein dropping off the list in April to be replaced by Iceland.
The global market totals 2471 QROPS, an increase of 156 on the opening list of 2022, which numbered 2315.
HMRC QROPS List – By country
| Country | QROPS |
| Australia | 1674 |
| 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 | 12 |
| Iceland | 1 |
| India | 24 |
| Ireland | 53 |
| Isle of Man | 313 |
| Jersey | 88 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 98 |
| New Zealand | 38 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2471 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS |
| Australia | 1674 |
| Isle of Man | 313 |
| Netherlands | 98 |
| Jersey | 88 |
| Guernsey | 70 |
| Ireland | 53 |
| New Zealand | 38 |
| Malta | 32 |
| Gibraltar | 28 |
| India | 24 |
| Grand Total | 2418 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| AEC Superfund | Australia | x | ||
| Brightwell and Cole Super Fund | Australia | x | ||
| BusseBerger Super Fund | Australia | x | ||
| Cirrus 272 SMSF | Australia | x | ||
| England Superannuation Fund | Australia | x | ||
| My Options NAM Rops Super | Australia | x | ||
| R & K Kennedy Super Fund | Australia | x | ||
| RA Smith Superannuation Fund | Australia | x | ||
| TCP SMSF | Australia | x | ||
| Arian Superannuation Fund No 2 | Australia | x | ||
| B&V Bayly Super Fund | Australia | x | ||
| Gillespie Super Fund | Australia | x | ||
| Marshans Super Fund | Australia | x | ||
| Payne Latimer Super Fund | Australia | x | ||
| Taylor Newman Super Fund | Australia | x | ||
| Yates SuperFund | Australia | x | ||
| Bussey SMSF Super Fund – changed to Bussey QROPS Super Fund | Australia | x | ||
| Pearl Retirement Annuity Trust Scheme | Guernsey | x | ||
| Swayne Personal Pension Scheme | Isle of Man | x | ||
| La Genestiere Limited | Jersey | x | ||
| Euphorix Investments Ltd | Jersey | x | ||
| Pacmed B.V. | Netherlands | x | ||
| Epilog Laser BV | Netherlands | x | ||
| Totals | 12 | 1 | 10 | |
| QROPS listed December 15, 2022 | 2469 | |||
| Net change since December 15, 2022 | 2 | |||
| QROPS listed January 03, 2023 | 2471 | |||
| QROPS Jurisdictions | Added | Removed | ||
| None | 0 | 0 | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed January 03, 2023 | 28 | |||
| Net change since December 15, 2022 | 0 | |||
| Countries with QROPS listed January 03, 2023 | 28 | |||
| Next HMRC QROPS List due January 15, 2023 |
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 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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